JOHANNESBURG (Reuters) - South Africa’s cash-strapped power utility Eskom has enough cash to pay wages and keep operations going for a few months and does not plan to retrench any workers despite a liquidity crunch, its spokesman said on Tuesday.
“The finance division has indicated there isn’t any hindrance in our ability to make those payments (wages),” Khulu Phasiwe, spokesman for the country’s sole power supplier said.
“This is why we’ve been negating these reports that we only have 1.2 billion rand ($83.5 million) in our coffers. Although we have not met our target of 20 billion rand in terms of reserves, we still have enough cash to keep us going for a few more months,” he said without giving a timeframe.
($1 = 14.3758 rand)
Reporting by Mfuneko Toyana; Editing by James Macharia