WATCH: Mboweni tables Eskom bailout bill

Plenary, National Assembly, 26 June 2019

  • Editor's note: Different committees are meeting in Parliament. Finance Minister Tito Mboweni has already tabled a special appropriation bill in Parliament to help Eskom. 

CAPE TOWN - Finance Minister Tito Mboweni tabled a Special Appropriations Bill in Parliament on Tuesday morning, outlining the key funding of cash-strapped Eskom.

President Cyril Ramaphosa, in his State of the Nation Address, said that government would draft the bill, which would allocate R230 billion to Eskom over the next 10 years.

According to a special appropriation bill seen by Reuters, government has allocated an extra R59-billion to the ailing power utility, over the next two years so it can service its debt.

READ: Eskom will be unbundled, says Gordhan

The latest allocation, sourced from government's National Revenue Fund, provides R26-billion for the 2019/20 financial year and R33-billion for 2020/21.

The bill also indicates that to promote transparency and the effective management of the amount, the Minister of Finance may impose conditions to be met by Eskom, before any part of the amount is transferred.

Finance Minister Tito Mboweni is on a mission to help pull cash-strapped Eskom out of troubled waters. Courtesy #DStv403