Parliament - Government will soon table a special appropriations bill to ensure that a significant portion of the R230 billion in state funds earmarked for shoring up Eskom over a decade is released in the short term, President Cyril Ramaphosa announced on Thursday in his state of the nation address.
"For Eskom to default on its loans will cause a cross-default on its remaining debt and would have a huge impact on the already constrained fiscus," the president said.
"We will therefore table a special appropriation bill on an urgent basis to allocate a significant portion of the R230 billion fiscal support that Eskom will require over the next 10 years, in the early years."
He said this was critical because the troubled power utility only had cash to meet its obligations until the end of October, and was too big and vital to be allowed to fail.
"The utility’s financial position remains a matter of grave concern."