State-owned Enterprises & Public Finances
Privatisation of state-owned airline; restructuring of Eskom; modernisation of public procurement; fiscal consolidation and debt sustainability measures
South African Airways (SAA) privatisation concluded
Eskom unbundling underway — Transmission company operational; Generation and Distribution reforms in progress
Public Procurement Bill passed and undergoing phased rollout
Debt-to-GDP ratio stabilising around 73%, per South African Reserve Bank 2025 forecast
Proof Points
R140 billion in Eskom debt transferred to sovereign balance sheet — de-risking utility and improving financial clarity
National Treasury’s new co-financing guidelines accelerating public-private infrastructure delivery
Operation Vulindlela quarterly dashboards track reform implementation across departments and SOEs
Investor Impact
Improved sovereign credit outlook and lower country risk premium
Bankable public-private infrastructure opportunities now clearer, faster to execute
Greater transparency and cost certainty through updated procurement rules
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