Ramaphosa 'favourably disposed' to COSATU proposal on Eskom debt

JOHANNESBURG, Feb 5 (Reuters) - President Cyril Ramaphosa is “favourably disposed” to a proposal by South Africa’s largest trade union federation on lowering the debt of struggling state power utility Eskom, spokeswoman Khusela Diko told Reuters.

Union group COSATU proposed this week that state-owned asset manager the Public Investment Corporation (PIC) and local development finance institutions help lower Eskom’s debt by around 250 billion rand ($16.97 billion).

Ramaphosa thinks that any steps taken on Eskom’s debt “should not undermine the investment mandates of the PIC or other affected institutions,” Diko added.

$1 = 14.7287 rand Reporting by Alexander Winning; editing by Jason Neely