ZESA Holdings will pay Eskom a substantial amount of money to avoid being switched off despite the foreign currency shortages being experienced in the country, Reserve bank Governor Dr John Mangudya said yesterday.
The South African firm is owed about $44million.
“We have moved quite a lot and are organising funds to pay Eskom so that we can continue to enjoy electricity supplies,” Mangudya said.
Asked why ZESA was defaulting every month, he responded,
“It’s not an attitude. We entered into an agreement with Eskom where we are supposed to pay them at least $10million a week and sometimes because of the way foreign currency come into the country, it is a cyclical nature and it means sometimes we are always behind now nd then. But we are going to catch up.
We had agreed in the agreement to pay per week but failed because of the cyclical nature of our exports. They do not come one time as you know. We are going to catch up and there will be no switch off.”