| (1) |
The following amounts for the requirements of Eskom are direct charges against the National Revenue Fund and attributed to the vote of the National Treasury: |
| (a) |
R78 billion for the 2023/24 financial year; |
| (b) |
R66 billion for the 2024/25 financial year; and |
| (c) |
R40 billion for the 2025/26 financial year. |
(2)
| (a) |
The National Treasury must advance the amounts envisaged in subsection (1) as a loan to Eskom on the dates determined by the Minister. |
| (aA) |
Eskom must pay interest on the amounts advanced as a loan, in terms of paragraph (a), at the rate determined by the Minister. |
| (b) |
The Minister must determine conditions for the conversion of a portion or portions of the amount of the loan for each financial year into ordinary shares issued by Eskom to the State. |
| (c) |
When the Minister informs Eskom, in writing, that he or she is satisfied that Eskom has met the conditions for the conversion of any portion of the amount of the loan for a financial year, Eskom must issue ordinary shares to the State equal to the value of the portion of the amount. |
| (d) |
The Minister and Eskom must, in writing, agree on— |
| (i) |
the implementation of paragraphs (a) to (c); and |
| (ii) |
other arrangements to give effect to subparagraph (i). |
| (e) |
The National Treasury must, in its next quarterly report to the relevant Parliamentary Committees, report on compliance with the conditions and disclose the amounts of the conversion. |
[Section 2(2)(aA) inserted by section 1 of the Eskom Debt Relief Amendment Act, 2024, Notice 4713, GG50452, dated 8 April 2024 - effective 8 April 2024]
| (3) |
In addition to the amount envisaged in subsection (1)(c), for the 2025/26 financial year, R70 billion of the debt of Eskom is a direct charge against the National Revenue Fund through a debt takeover arrangement as determined by the Minister. |
| (a) |
If Eskom fails to comply with a condition determined in terms of subsection (2)(b), the Minister may, after consultation with Eskom, reduce amounts envisaged in subsection (1). |
| (b) |
The reduction in terms of paragraph (a)— |
| (i) |
applies to the portion of the amount not yet advanced to Eskom; |
| (ii) |
may not exceed five percent of the total amount for the applicable financial year; and |
| (iii) |
must be disclosed in the National Treasury’s next quarterly report to the relevant Parliamentary Committees. |
[Section 2(4) inserted by section 1 of the Eskom Debt Relief Amendment Act, 2024, Notice 4713, GG50452, dated 8 April 2024 - effective 8 April 2024]
Stamp Duties Act, 1968 (Act 77 of 1968)
