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Zesa weekly Eskom payments choke RBZ

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GOVERNMENT run power utility, Zesa Holdings (Zesa) condition by South Africa’s electricity supplier, Eskom, of USD890 000 weekly payment to continue receiving services while paying its debt is choking the reserve Bank of Zimbabwe, the Zim morning post has learnt.

The two power utilities agreed on Zesa’s weekly payment of US$890 000 to service its debt and submit weekly reports to Eskom.

“You must be aware that we are paying at least USD890 000 every week to ESKCOM in a bid to clear our debt which we owe to South Africa,” said the source.

However, the weekly payments are choking RBZ because this has become the top prioritydue to forex challenges.”

Zimbabwe ditched the multi currency opting to adopt the RTGS$ and most goods and services are being paid in RTGS$ leaving RBZ with only one option of buying United States Dollars from the streets.

This deal is actually choking the RBZ as we do not have foreign currency, we end up having runners in the streets buying foreign currency at a high rate,” added an insider.

According to an RBZ insider the deal is accompanied with some strict and strange  conditions.

If we fail to pay or delay paying the bill with at least 24 hours the contract will be cancelled.

Source: Zim online news

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