Johannesburg and Eskom Unveil Debt Plan

The City of Johannesburg has approved a R3.8 billion German loan to settle its escalating R5.2 billion debt to Eskom. Electricity Minister Kgosientsho Ramokgopa and Johannesburg Mayor Dada Morero announced that a partnership agreement aimed at resolving the crisis will be unveiled next week. Finance Minister Enoch Godongwana warned that the city is in severe financial distress, with total debts of R25.2 billion and only R3.9 billion in cash.