South Africa to Unveil Eskom Support Package in Coming Days – Ramaphosa

South Africa will in the coming days unveil a package of measures to shore up state-owned Eskom’s finances and address structural issues facing the struggling power firm, President Cyril Ramaphosa said on Tuesday.

South Africa’s President Cyril Ramaphosa addresses the Investing in African Mining Indaba conference in Cape Town, South Africa February 5, 2019. REUTERS/Mike Hutchings

“In the coming few days we will be announcing a package of measures to stabilise as well as to improve Eskom’s financial, operational as well as structural position, and to ensure the security of energy supply for the economy,” Ramaphosa told a mining conference in Cape Town.

“We will not allow Eskom to fail,” he added.

Ramaphosa is trying to turn around the ailing company – which supplies more than 90 per cent of South Africa’s power but is drowning in 420 billion rand ($31 billion) of debt.

(Reporting by Tanisha Heiberg and Wendell Roelf; Writing by Alexander Winning; Editing by James Macharia)