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RBZ pledges to pay Eskom $32m to avoid power cuts
21 Sep 2017 at 16:41hrs | Views
The Reserve Bank of Zimbabwe (RBZ) will pay $32 million to South Africa power utility, Eskom to ensure continuous power supply to Zimbabwe.
ZESA Holdings is complementing its power supplies by importing 300 mega watts from Eskom and HCB of Mozambique to cover a deficit which is hovering around 900 mega watts.
Last week, Eskom wrote to ZESA Holdings demanding the payment of $32 million before the end of this month and failure to do so, the South African power utility would switch off power supplies leading to a load shedding of up to 15 hours daily.
This development would impact negatively on industrial production, hence the engagement between ZESA Holdings and RBZ officials for an immediate solution.
According to correspondence gleaned by reporters, RBZ will avail $29 million, while the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) will pay $3 million to towards the $32 million being demanded by Eskom.
Zimbabwe is also expected to pay the remaining $19 million debt to Eskom next month.
Zimbabwe's export receipts have been the limiting factor in terms of allocating foreign currency to critical sectors of the economy.
ZESA Holdings is complementing its power supplies by importing 300 mega watts from Eskom and HCB of Mozambique to cover a deficit which is hovering around 900 mega watts.
Last week, Eskom wrote to ZESA Holdings demanding the payment of $32 million before the end of this month and failure to do so, the South African power utility would switch off power supplies leading to a load shedding of up to 15 hours daily.
This development would impact negatively on industrial production, hence the engagement between ZESA Holdings and RBZ officials for an immediate solution.
According to correspondence gleaned by reporters, RBZ will avail $29 million, while the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) will pay $3 million to towards the $32 million being demanded by Eskom.
Zimbabwe is also expected to pay the remaining $19 million debt to Eskom next month.
Zimbabwe's export receipts have been the limiting factor in terms of allocating foreign currency to critical sectors of the economy.
Source - zbc
