April 19, 2019 / 9:17 AM / a month ago

South Africa's Eskom could have defaulted this month - finance ministry

JOHANNESBURG, April 19 (Reuters) - South Africa’s finance ministry authorised the transfer of 5 billion rand ($355.50 million) to struggling state power firm Eskom on April 2 “to avert a default by Eskom on its obligations,” according to a finance ministry report to parliament seen by Reuters.

The 5 billion rand transfer falls within the 23 billion rand a year bailout the South African has government has agreed to give Eskom over the next three years.

The finance ministry report, dated April 16 and signed by Finance Minister Tito Mboweni, also said Eskom could need another tranche of government money before the end of the month.

$1 = 14.0646 rand Reporting by Alexander Winning; Editing by Kirsten Donovan

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