Home South Africa “Too big to disintegrate”: World Bank pins hopes on Eskom

“Too big to disintegrate”: World Bank pins hopes on Eskom

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The World Bank remains positive that Eskom will overcome its financial difficulties through the time, saying power utility is too big to fail.

“It is just too big to allow it to disintegrate, and fixing all these pieces will be costlier than trying to reform it”, the bank’s country director for SA, Paul Noumba Um said on Tuesday. This statement was voiced during the launch of the bank’s 12th SA economic update in Johannesburg.

“It depends on what government can do, but given the magnitude… will need more time.”

South African authorities make its efforts to help the organization on debt issues (today Eskom has approximately R420bn in debt). Previously President Cyril Ramaphosa established a high-level task team consisted of industry specialists as well as academics and experts, whose mission is to bring recommendation and make proposals to resolve the debt burden.

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