Eskom to be prioritised in new economic recovery plan

Eskom to be prioritised in new economic recovery plan

President Cyril Ramaphosa has welcomed the social partners’ plan for economic recovery which is due for consideration and finalisation by Cabinet.

Eskom load shedding - AFP

The agreement was formalised at a virtual meeting of the National Economic Development and Labour Council (Nedlac), chaired by President Cyril Ramaphosa on Tuesday.

Ramaphosa says it is a demonstration of collaboration that had produced “a significant milestone in the history of our democracy and the advent of a new era of confidence.

“This is a great achievement that rises to the challenge of the moment,” adds Ramaphosa.

The social partners’ action plan is founded on significant convergence on what needs to be done to set the economy on a new, accelerated, inclusive and transformative growth trajectory.

It also identifies priority areas that need urgent intervention, including the embattled Eskom.

"Social partners have also agreed on a social compact which commits government, business, labour and community to mobilising funding to address Eskom’s financial crisis in a sustainable manner – in return for an efficient, productive and fit-for-purpose Eskom that generates electricity at affordable prices for communities and industries,” reads the statement by the presidency.

The President is expected to announce the details of the plan once it has been finalised by Cabinet.


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