[LISTEN] Does Cosatu's proposed plan for Eskom hold any merit?

The Congress of South African Trade Unions (Cosatu)’s proposed plan to use public servants' pension funds to pay a portion of Eskom's debt has been heavily critiqued.

READ: Avail PIC funds to pay off Eskom debt - Cosatu

Eusebius McKaiser spoke to Intellidex chairman Dr Stuart Theobald and economist Duma Gqubule to unpack the proposal and discuss the merits of it.

If you were for example to switch the debt in Eskom into equity, it is equity that gives you claim on a company that has lost billions of rands in the last few years. Now any actuarial valuation of that equity would have to value it at zero.... it becomes a contingent liability on the government balance sheet.

Stuart Theobald, Economist and chairman at Intellidex

It [Eskom] is in a classic debt spiral where it has to borrow in order to meet its debts, that is an operating model problem. You have got to start with fixing the operating model of Eskom.

Stuart Theobald, Economist and chairman at Intellidex

I think the financing is an immediate problem.

Duma Gqubule, Economist

Click on the link below to hear the full debate...


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