Zesa Holdings to pay between $20 million and $40 million per month in electricity debts to prevent being switched off

The Reserve Bank of Zimbabwe (RBZ) and Zesa Holdings have reached an agreement to pay between $5million to $10 million per month in order to settle arrears for electricity to South Africa’s power utility, Eskom, and Hydro Cahora Bassa (HBC) of Mozambique. This will prevent the country from being switched. Eskom and HCB are owed more than $100 million for electricity already supplied. RBZ governor John Mangudya said:

A steady electricity supply is critical and we have agreed that from now onwards we are paying Eskom of South Africa and HCB of Mozambique, the two companies that supply us with electricity, between $5 million and $10 million every week. We have had uninterrupted power supply since December 2015 and we need to build on this steady power supply the country has been enjoying since 2015 and the only way is that we should be able to pay.

More: Financial Gazette

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