Zesa pays Eskom $12 million to avoid load shedding, pledges to pay more

Sources from the Reserve Bank of Zimbabwe (RBZ) told The Herald that the central bank paid South African power utility Eskom $12 million to avoid load shedding and will pay $20 million this month to clear Zesa Holdings’ debt.

The $20 million will be paid as follows; $10 million being paid mid this month before another $10 million is paid at the end of this month. The official said Zesa pledged to pay $20 million monthly in $5 million weekly instalments. From this amount, $8 million will go towards servicing what Zesa owes and $12 million will settle current supplies. If Zesa does not default the debt will be cleared in about 5 months. When contacted for comment by The Herald, Zesa chief executive Engineer Josh Chifamba said that everything is in control but did not give details.

More: Herald

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