Government SOE guarantee framework reform
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Individual Reform: Government SOE guarantee framework reform 2026 - 2027

The government is already imposing reform conditionality on guarantees for SOEs.

Eskom conditionality

Summary

In the 2023 Budget, the finance minister allocated a debt-relief arrangement of R254bn for Eskom and subsequently tabled the Eskom Debt Relief Bill which was enacted in July 2023. The arrangement seeks to strengthen Eskom’s balance sheet in order to enable the utility to restructure and undertake the necessary investment and maintenance to restore the security of electricity supply. It also aims to address the problem of municipal debt, which recently escalated to R74.5bn - ahead of estimates of R68bn.

Canvas not supported.

Is it working?

While we have recently witnessed more days free of load shedding, it is difficult to attribute this solely to the debt-relief arrangement particularly given the high take-up of rooftop solar and other off-grid solutions. What is important is that Eskom is now able to conduct more efficient and thorough maintenance. However, in the 2024 budget, NT proposed to reduce the allocations of R78bn in 2023/24 and R66bn in 2024/25 by R2 bn each year due to Eskom's failure to dispose of the Eskom Finance Company by 31 March 2024, which is part of the conditionality attached to debt relief. Another major problem remains municipal debt. The conditionality included a debt-relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions. However, this does not appear to be working effectively as municipal debt is rising faster than anticipated.

Actions

Government processes to enable the Eskom bailout, including the legislation, were completed relatively efficiently and quickly. In addition, with the appointment of new Eskom CEO Dan Marokane in March, all systems are in place for Eskom to pursue maintenance and stability of power supply.

Are there plans?

The relief is divided into advances of R78bn in 2023/24, R66bn in 2024/25 and R40bn in 2025/26.

Is it on the agenda?

The bill making provision for Eskom's R254bn bailout has been signed into law and Eskom is receiving the funds in tranches. NT has also implemented the municipal debt relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions.

Goals

There has been considerable progress on the legislative side and the bills relating to the relief have been enacted into law. National Treasury has provided R44bn (of which R16bn was converted to equity after Eskom complied with all the conditions for the first quarter) of the R78bn allocated for 2023/24.

References

Departments / Govt Institutions

Department of Electricity and Energy Eskom Holdings National Treasury Operation Vulindlela

Summary

In the 2023 Budget, the finance minister allocated a debt-relief arrangement of R254bn for Eskom and subsequently tabled the Eskom Debt Relief Bill which was enacted in July 2023. The arrangement seeks to strengthen Eskom’s balance sheet in order to enable the utility to restructure and undertake the necessary investment and maintenance to restore the security of electricity supply. It also aims to address the problem of municipal debt, which recently escalated to R74.5bn - ahead of estimates of R68bn.

Canvas not supported.

Is it working?

While we are witnessing more days free of load shedding, it is difficult to attribute this solely to the debt-relief arrangement, particularly given the high take-up of rooftop solar and other off-grid solutions. What is important is that Eskom is now able to conduct more efficient and thorough maintenance. However, in the 2024 budget, National Treasury proposed to reduce the allocations of R78bn in 2023/24 and R66bn in 2024/25 by R2bn each year due to Eskom's failure to dispose of the Eskom Finance Company by 31 March 2024, which is part of the conditionality attached to debt relief. Another major problem remains municipal debt. The conditionality included a debt-relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions. However, this does not appear to be working effectively as municipal debt is rising faster than anticipated. Eskom says 72 municipalities are part of the programme, but only 4% are compliant.

Actions

Government processes to enable the Eskom bailout, including the legislation, were completed relatively efficiently and quickly. In addition, with the appointment of new Eskom CEO Dan Marokane in March, all systems are in place for the power utility to pursue maintenance and stability of power supply.

Are there plans?

The relief is divided into advances of R78bn in 2023/24, R66bn in 2024/25 and R40bn in 2025/26.

Is it on the agenda?

The bill making provision for Eskom's R254bn debt relief has been signed into law and Eskom is receiving the funds in tranches. National Treasury has also implemented the municipal debt relief programme whereby municipalities could have their debt written off over three years if they comply with 14 conditions.

Goals

There has been considerable progress on the legislative side and the bills relating to the relief have been enacted. National Treasury has provided R44bn (of which R16bn was converted to equity after Eskom complied with all the conditions for the first quarter) of the R78bn allocated for 2023/24.

References

Departments / Govt Institutions

Department of Electricity and Energy Eskom Holdings National Treasury Operation Vulindlela

Summary

In the 2023 Budget, the finance minister allocated a debt-relief arrangement of R254bn for Eskom and subsequently tabled the Eskom Debt Relief Bill which was enacted in July 2023. The arrangement seeks to strengthen Eskom’s balance sheet in order to enable the utility to restructure and undertake the necessary investment and maintenance to restore the security of electricity supply. It also aims to address the problem of municipal debt, which recently escalated to R74.5bn - ahead of estimates of R68bn.

Canvas not supported.

Is it working?

While we are witnessing more days free of load shedding, it is difficult to attribute this solely to the debt-relief arrangement, particularly given the high take-up of rooftop solar and other off-grid solutions. What is important is that Eskom is now able to conduct more efficient and thorough maintenance. However, in the 2024 budget, National Treasury proposed to reduce the allocations of R78bn in 2023/24 and R66bn in 2024/25 by R2bn each year due to Eskom's failure to dispose of the Eskom Finance Company by 31 March 2024, which is part of the conditionality attached to debt relief. Another major problem remains municipal debt. The conditionality included a debt-relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions. However, this does not appear to be working effectively as municipal debt is rising faster than anticipated. Eskom says 72 municipalities are part of the programme, but only 4% are compliant.

Actions

Government processes to enable the Eskom bailout, including the legislation, were completed relatively efficiently and quickly. In addition, with the appointment of new Eskom CEO Dan Marokane in March, all systems are in place for the power utility to pursue maintenance and stability of power supply.

Are there plans?

The relief is divided into advances of R78bn in 2023/24, R66bn in 2024/25 and R40bn in 2025/26.

Is it on the agenda?

The bill making provision for Eskom's R254bn debt relief has been signed into law and Eskom is receiving the funds in tranches. National Treasury has also implemented the municipal debt relief programme whereby municipalities could have their debt written off over three years if they comply with 14 conditions.

Goals

There has been considerable progress on the legislative side and the bills relating to the relief have been enacted. National Treasury has provided R44bn (of which R16bn was converted to equity after Eskom complied with all the conditions for the first quarter) of the R78bn allocated for 2023/24.

References

Departments / Govt Institutions

Department of Electricity and Energy Eskom Holdings National Treasury Operation Vulindlela

Summary

In the 2023 Budget, the finance minister allocated a debt-relief arrangement of R254bn for Eskom and subsequently tabled the Eskom Debt Relief Bill which was enacted in July 2023. The arrangement seeks to strengthen Eskom’s balance sheet in order to enable the utility to restructure and undertake the necessary investment and maintenance to restore the security of electricity supply. It also aims to address the problem of municipal debt, which recently escalated to R74.5bn - ahead of estimates of R68bn.

Canvas not supported.

Is it working?

While we are witnessing more days free of load shedding, it is difficult to attribute this solely to the debt-relief arrangement, particularly given the high take-up of rooftop solar and other off-grid solutions. What is important is that Eskom is now able to conduct more efficient and thorough maintenance. However, in the 2024 budget, National Treasury proposed to reduce the allocations of R78bn in 2023/24 and R66bn in 2024/25 by R2bn each year due to Eskom's failure to dispose of the Eskom Finance Company by 31 March 2024, which is part of the conditionality attached to debt relief. Another major problem remains municipal debt. The conditionality included a debt-relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions. However, this does not appear to be working effectively as municipal debt is rising faster than anticipated. Eskom says 72 municipalities are part of the programme, but only 4% are compliant.

Actions

Government processes to enable the Eskom bailout, including the legislation, were completed relatively efficiently and quickly. In addition, with the appointment of new Eskom CEO Dan Marokane in March, all systems are in place for the power utility to pursue maintenance and stability of power supply.

Are there plans?

The relief is divided into advances of R78bn in 2023/24, R66bn in 2024/25 and R40bn in 2025/26.

Is it on the agenda?

The bill making provision for Eskom's R254bn debt relief has been signed into law and Eskom is receiving the funds in tranches. National Treasury has also implemented the municipal debt relief programme whereby municipalities could have their debt written off over three years if they comply with 14 conditions.

Goals

There has been considerable progress on the legislative side and the bills relating to the relief have been enacted. National Treasury has provided R44bn (of which R16bn was converted to equity after Eskom complied with all the conditions for the first quarter) of the R78bn allocated for 2023/24.

References

Departments / Govt Institutions

Department of Electricity and Energy Eskom Holdings National Treasury Operation Vulindlela

Summary

In the 2023 Budget, the finance minister allocated a debt-relief arrangement of R254bn for Eskom and subsequently tabled the Eskom Debt Relief Bill which was enacted in July 2023. The arrangement seeks to strengthen Eskom’s balance sheet in order to enable the utility to restructure and undertake the necessary investment and maintenance to restore the security of electricity supply. It also aims to address the problem of municipal debt, which recently escalated to R94bn in January 2025.

Canvas not supported.

Is it working?

While we are witnessing more days free of load shedding, it is difficult to attribute this solely to the debt-relief arrangement, particularly given the high take-up of rooftop solar and other off-grid solutions. What is important is that Eskom is now able to conduct more efficient and thorough maintenance. However, in the 2024 budget, National Treasury proposed to reduce the allocations of R78bn in 2023/24 and R66bn in 2024/25 by R2bn each year due to Eskom's failure to dispose of the Eskom Finance Company by 31 March 2024, which is part of the conditionality attached to debt relief. Another major problem remains municipal debt. The conditionality included a debt-relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions. However, this does not appear to be working effectively as municipal debt is rising faster than anticipated. Eskom says 72 municipalities are part of the programme, but only 4% are compliant. This is why Eskom, the Department of Electricity and Energy, National Treasury and SALGA are devising a new intervention.

Actions

Government processes to enable the Eskom bailout, including the legislation, were completed relatively efficiently and quickly. In addition, with the appointment of new Eskom CEO Dan Marokane in March, all systems are in place for the power utility to pursue maintenance and stability of power supply.

Are there plans?

The relief is divided into advances of R78bn in 2023/24, R66bn in 2024/25 and R40bn in 2025/26. We await to see whether parliament will pass the 2025 budget which replaces the last R70bn debt takeover with R40 billion in 2025/26 and R10bn in 2028/29.

Is it on the agenda?

The bill making provision for Eskom's R254bn debt relief has been signed into law and Eskom is receiving the funds in tranches. National Treasury has also implemented the municipal debt relief programme whereby municipalities could have their debt written off over three years if they comply with 14 conditions. The 2025 Eskom Debt Relief Amendment Bill awiats parliamentary approval.

Goals

There has been considerable progress on the legislative side and the bills relating to the relief have been enacted. National Treasury has provided R44bn (of which R16bn was converted to equity after Eskom complied with all the conditions for the first quarter) of the R78bn allocated for 2023/24.

References

Departments / Govt Institutions

Department of Electricity and Energy Eskom Holdings National Treasury Operation Vulindlela

Summary

In the 2023 Budget, the finance minister allocated a debt-relief arrangement of R254bn for Eskom and subsequently tabled the Eskom Debt Relief Bill which was enacted in July 2023. The arrangement aimed to strengthen Eskom’s balance sheet in order to enable the utility to restructure and undertake the necessary investment and maintenance to restore the security of electricity supply. It was also designed to to address the problem of municipal debt, which recently escalated to R94bn in January 2025.

Canvas not supported.

Is it working?

While we are witnessing more days free of load shedding, it is difficult to attribute this solely to the debt-relief arrangement, particularly given the high take-up of rooftop solar and other off-grid solutions. What is important is that Eskom has been able to conduct more efficient and thorough maintenance and improve reliability of power plants. Further to the effectiveness of conditions, in the 2024 budget, National Treasury proposed to reduce the allocations of R78bn in 2023/24 and R66bn in 2024/25 by R2bn each year due to Eskom's failure to dispose of the Eskom Finance Company by 31 March 2024. That was part of the conditionality attached to debt relief. There are concerns that the amended bill will allow Eskom to receive relief without clear accountability requirements. Another major problem remains municipal debt. The conditionality included a debt-relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions. However, this does not appear to be working effectively as municipal debt is rising faster than anticipated and most are failing to comply with conditions. This is why Eskom, the Department of Electricity and Energy, National Treasury and SALGA are devising a new intervention.

Actions

Government processes to enable the Eskom bailout, including the legislation, were completed relatively efficiently and quickly. The amended debt relief bill however is to be assented to by President Cyril Ramaphosa. Municipal debt owed to Eskom (R94bn) remainds a huge threat to its financial sustainability and is still to be solved.

Are there plans?

The relief was initially divided into advances of R78bn in 2023/24, R66bn in 2024/25 and R40bn in 2025/26. The Eskom Debt Relief Amendment Bill was passed by Parliament on 30 July 2025, which now shifts support from a planned R70bn debt takeover to a restructured R90.2bn loan package. Disbursements include R80.2bn in 2025/26 and R10bn in 2028/29 to cover a US bond maturing in May 2028. The loans will be interest-bearing and linked to performance metrics rather than rigid conditionality.

Is it on the agenda?

The bill making provision for Eskom's R254bn debt relief has been signed into law and Eskom is receiving the funds in tranches. This bill was amended in 2025 to restructure debt relief package and removes a section that ties disbursements to strict conditions. National Treasury has also implemented the municipal debt relief programme whereby municipalities could have their debt written off over three years if they comply with 14 conditions.

Goals

To attach strict conditionality to the bailout of Eskom.

References

Departments / Govt Institutions

Department of Electricity and Energy Eskom Holdings National Treasury Operation Vulindlela

Summary

In the 2023 Budget, the finance minister allocated a debt-relief arrangement of R254bn for Eskom and subsequently tabled the Eskom Debt Relief Bill which was enacted in July 2023. The arrangement aimed to strengthen Eskom’s balance sheet in order to enable the utility to restructure and undertake the necessary investment and maintenance to restore the security of electricity supply. It was also designed to address the problem of municipal debt, which has since escalated to R105bn as at September 2025. The utility for the first time in eight years recorded a R16bn profit, for the year ended 30 September 2025, partly helped by the debt relief programme.

Canvas not supported.

Is it working?

While we are witnessing more days free of load shedding, it is difficult to attribute this solely to the debt-relief arrangement, particularly given the high take-up of rooftop solar and other off-grid solutions.What is important is that Eskom has been able to conduct more efficient and thorough maintenance and improve reliability of power plants because the debt relief programme has created room to direct cash towards capital expenditure and maintenance.Further to the effectiveness of conditions, in the 2024 budget, National Treasury proposed to reduce the allocations of R78bn in 2023/24 and R66bn in 2024/25 by R2bn each year due to Eskom's failure to dispose of the Eskom Finance Company by 31 March 2024. That was part of the conditionality attached to debt relief - which shows that Treasury is enforcing conditions as it should.There are concerns that the amended bill will allow Eskom to receive relief without clear accountability requirements. Another major problem remains municipal debt. The conditionality included a debt-relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions. However, this does not appear to be working effectively as municipal debt is rising faster than anticipated and most are failing to comply with conditions. This is why Eskom, the Department of Electricity and Energy, National Treasury and the South African Local Government Association devised a new intervention through the Distribution Agency Agreements, aimed to support greater reform in the Electricity Distribution Industry.

Actions

Government processes to enable the Eskom bailout, including the legislation, were completed relatively efficiently and quickly. The amended debt relief bill however is to be assented to by President Cyril Ramaphosa.The last amount of the three-year debt relief programme (R80.2bn) is due to be released in March 2026.Municipal debt owed to Eskom (R105bn) remains a huge threat to its financial sustainability and is still to be resolved through reform of the Electricity Distribution Industry.

Are there plans?

The relief was initially divided into advances of R78bn in 2023/24, R66bn in 2024/25 and R40bn in 2025/26. The Eskom Debt Relief Amendment Bill was passed by Parliament on 30 July 2025, which now shifts support from a planned R70bn debt takeover to a restructured R90.2bn loan package. Disbursements include R80.2bn in 2025/26 and R10bn in 2028/29 to cover a US bond maturing in May 2028. The loans will be interest-bearing and linked to performance metrics rather than rigid conditionality.

Is it on the agenda?

The bill making provision for Eskom's R254bn debt relief has been signed into law and Eskom is receiving the funds in tranches. This bill was amended in 2025 to restructure debt relief package and removes a section that ties disbursements to strict conditions. National Treasury has also implemented the municipal debt relief programme whereby municipalities could have their debt written off over three years if they comply with 14 conditions. But this has failed. Government and Eskom are working on implementing Distribution Agency Agreements as an interim solution to arrest the growth in municipal arrears. The financial sustainability of municipalities depends on reforms in the Electricity Distribution Industry, which Operation Vulindlela is leading.

Goals

To attach strict conditionality to the bailout (debt relief programme) for Eskom.

References

Departments / Govt Institutions

Department of Electricity and Energy Eskom Holdings National Treasury Operation Vulindlela

Summary

In the 2023 Budget, the finance minister allocated a debt-relief arrangement of R254bn for Eskom and subsequently tabled the Eskom Debt Relief Bill which was enacted in July 2023. The arrangement aimed to strengthen Eskom’s balance sheet in order to enable the utility to restructure and undertake the necessary investment and maintenance to restore the security of electricity supply. It was also designed to address the problem of municipal debt, which has since escalated to R105bn as at September 2025. The utility for the first time in eight years recorded a R16bn profit, for the year ended 30 September 2025, partly helped by the debt relief programme.

Canvas not supported.

Is it working?

While we are witnessing more days free of load shedding, it is difficult to attribute this solely to the debt-relief arrangement, particularly given the high take-up of rooftop solar and other off-grid solutions.What is important is that Eskom has been able to conduct more efficient and thorough maintenance and improve reliability of power plants because the debt relief programme has created room to direct cash towards capital expenditure and maintenance.Further to the effectiveness of conditions, in the 2024 budget, National Treasury proposed to reduce the allocations of R78bn in 2023/24 and R66bn in 2024/25 by R2bn each year due to Eskom's failure to dispose of the Eskom Finance Company by 31 March 2024. That was part of the conditionality attached to debt relief - which shows that Treasury is enforcing conditions as it should.There are concerns that the amended bill will allow Eskom to receive relief without clear accountability requirements. Another major problem remains municipal debt. The conditionality included a debt-relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions. However, this does not appear to be working effectively as municipal debt is rising faster than anticipated and most are failing to comply with conditions. This is why Eskom, the Department of Electricity and Energy, National Treasury and the South African Local Government Association devised a new intervention through the Distribution Agency Agreements, aimed to support greater reform in the Electricity Distribution Industry.

Actions

Government processes to enable the Eskom bailout, including the legislation, were completed relatively efficiently and quickly. The amended debt relief bill however is to be assented to by President Cyril Ramaphosa.The last amount of the three-year debt relief programme (R80.2bn) is due to be released in March 2026.Municipal debt owed to Eskom (R105bn) remains a huge threat to its financial sustainability and is still to be resolved through reform of the Electricity Distribution Industry.

Are there plans?

The relief was initially divided into advances of R78bn in 2023/24, R66bn in 2024/25 and R40bn in 2025/26. The Eskom Debt Relief Amendment Bill was passed by Parliament on 30 July 2025, which now shifts support from a planned R70bn debt takeover to a restructured R90.2bn loan package. Disbursements include R80.2bn in 2025/26 and R10bn in 2028/29 to cover a US bond maturing in May 2028. The loans will be interest-bearing and linked to performance metrics rather than rigid conditionality.

Is it on the agenda?

The bill making provision for Eskom's R254bn debt relief has been signed into law and Eskom is receiving the funds in tranches. This bill was amended in 2025 to restructure debt relief package and removes a section that ties disbursements to strict conditions. National Treasury has also implemented the municipal debt relief programme whereby municipalities could have their debt written off over three years if they comply with 14 conditions. But this has failed. Government and Eskom are working on implementing Distribution Agency Agreements as an interim solution to arrest the growth in municipal arrears. The financial sustainability of municipalities depends on reforms in the Electricity Distribution Industry, which Operation Vulindlela is leading.

Goals

To attach strict conditionality to the bailout (debt relief programme) for Eskom.

References

Departments / Govt Institutions

Department of Electricity and Energy Eskom Holdings National Treasury Operation Vulindlela

Summary

In the 2023 Budget, the finance minister allocated a debt-relief arrangement of R254bn for Eskom and subsequently tabled the Eskom Debt Relief Bill which was enacted in July 2023. The arrangement aimed to strengthen Eskom’s balance sheet in order to enable the utility to restructure and undertake the necessary investment and maintenance to restore the security of electricity supply. It was also designed to address the problem of municipal debt, which has since escalated to R105bn as at September 2025. The utility for the first time in eight years recorded a R16bn profit, for the year ended 30 September 2025, partly helped by the debt relief programme.

Canvas not supported.

Is it working?

While we are witnessing more days free of load shedding, it is difficult to attribute this solely to the debt-relief arrangement, particularly given the high take-up of rooftop solar and other off-grid solutions.What is important is that Eskom has been able to conduct more efficient and thorough maintenance and improve reliability of power plants because the debt relief programme has created room to direct cash towards capital expenditure and maintenance.Further to the effectiveness of conditions, in the 2024 budget, National Treasury proposed to reduce the allocations of R78bn in 2023/24 and R66bn in 2024/25 by R2bn each year due to Eskom's failure to dispose of the Eskom Finance Company by 31 March 2024. That was part of the conditionality attached to debt relief - which shows that Treasury is enforcing conditions as it should.There are concerns that the amended bill will allow Eskom to receive relief without clear accountability requirements. Another major problem remains municipal debt. The conditionality included a debt-relief programme whereby municipalities could have their debt written off over three years if they complied with 14 conditions. However, this does not appear to be working effectively as municipal debt is rising faster than anticipated and most are failing to comply with conditions. This is why Eskom, the Department of Electricity and Energy, National Treasury and the South African Local Government Association devised a new intervention through the Distribution Agency Agreements, aimed to support greater reform in the Electricity Distribution Industry.

Actions

Government processes to enable the Eskom bailout, including the legislation, were completed relatively efficiently and quickly. The amended debt relief bill however is to be assented to by President Cyril Ramaphosa.The last amount of the three-year debt relief programme (R80.2bn) is due to be released in March 2026.Municipal debt owed to Eskom (R105bn) remains a huge threat to its financial sustainability and is still to be resolved through reform of the Electricity Distribution Industry.

Are there plans?

The relief was initially divided into advances of R78bn in 2023/24, R66bn in 2024/25 and R40bn in 2025/26. The Eskom Debt Relief Amendment Bill was passed by Parliament on 30 July 2025, which now shifts support from a planned R70bn debt takeover to a restructured R90.2bn loan package. Disbursements include R80.2bn in 2025/26 and R10bn in 2028/29 to cover a US bond maturing in May 2028. The loans will be interest-bearing and linked to performance metrics rather than rigid conditionality.

Is it on the agenda?

The bill making provision for Eskom's R254bn debt relief has been signed into law and Eskom is receiving the funds in tranches. This bill was amended in 2025 to restructure debt relief package and removes a section that ties disbursements to strict conditions. National Treasury has also implemented the municipal debt relief programme whereby municipalities could have their debt written off over three years if they comply with 14 conditions. But this has failed. Government and Eskom are working on implementing Distribution Agency Agreements as an interim solution to arrest the growth in municipal arrears. The financial sustainability of municipalities depends on reforms in the Electricity Distribution Industry, which Operation Vulindlela is leading.

Goals

To attach strict conditionality to the bailout (debt relief programme) for Eskom.

References

Departments / Govt Institutions

Department of Electricity and Energy Eskom Holdings National Treasury Operation Vulindlela

Analyst: Lameez Hyman
Status: in-progress
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    New framework including reform conditionality

    Summary

    To achieve financial sustainability, National Treasury has adopted increasingly stricter measures and approaches to bailing out SOEs. The framework is meant to manage bailouts to SOEs to reduce fiscal risks and induce reforms within SOEs and the sectors they operate in by attaching conditions to these bailouts, as evidenced by the bailouts to Transnet and Eskom.

    Canvas not supported.

    Is it working?

    National Treasury is already implementing strict conditions for SOE bailouts.

    Actions

    Cabinet members who have requested guarantees for SOEs are now required to report the requests to Parliament once they have been considered by the minister of finance.

    Are there plans?

    Operational

    Is it on the agenda?

    In February 2023, National Treasury announced that government had developed a new framework for managing bailouts to state-owned companies to reduce fiscal risks and promote long-overdue reforms.

    Goals

    Government to attach greater conditionality to any form of bailout to SOEs.

    References

    Departments / Govt Institutions

    National Treasury

    Summary

    To achieve financial sustainability, National Treasury has adopted increasingly stricter measures and approaches to bailing out SOEs. The framework is meant to manage bailouts to SOEs to reduce fiscal risks and induce reforms within SOEs and the sectors they operate in by attaching conditions to these bailouts, as evidenced by the bailouts to Transnet and Eskom.

    Canvas not supported.

    Is it working?

    National Treasury is already implementing strict conditions for SOE bailouts.

    Actions

    Cabinet members who have requested guarantees for SOEs are now required to report the requests to Parliament once they have been considered by the minister of finance.

    Are there plans?

    Operational

    Is it on the agenda?

    In February 2023, National Treasury announced that government had developed a new framework for managing bailouts to state-owned companies to reduce fiscal risks and promote long-overdue reforms.

    Goals

    Government to attach greater conditionality to any form of bailout to SOEs.

    References

    Departments / Govt Institutions

    National Treasury

    Summary

    To achieve financial sustainability, National Treasury has adopted increasingly stricter measures and approaches to bailing out SOEs. The framework is meant to manage bailouts to SOEs to reduce fiscal risks and induce reforms within SOEs and the sectors they operate in by attaching conditions to these bailouts, as evidenced by the bailouts to Transnet and Eskom.

    Canvas not supported.

    Is it working?

    National Treasury is already implementing strict conditions for SOE bailouts.

    Actions

    Cabinet members who have requested guarantees for SOEs are now required to report the requests to Parliament once they have been considered by the minister of finance.

    Are there plans?

    Operational

    Is it on the agenda?

    In February 2023, National Treasury announced that government had developed a new framework for managing bailouts to state-owned companies to reduce fiscal risks and promote long-overdue reforms.

    Goals

    Government to attach greater conditionality to any form of bailout to SOEs.

    References

    Departments / Govt Institutions

    National Treasury

    Summary

    To achieve financial sustainability, National Treasury has adopted increasingly stricter measures and approaches to bailing out SOEs. The framework is meant to manage bailouts to SOEs to reduce fiscal risks and induce reforms within SOEs and the sectors they operate in by attaching conditions to these bailouts, as evidenced by the bailouts to Transnet and Eskom.

    Canvas not supported.

    Is it working?

    National Treasury is already implementing strict conditions for SOE bailouts.

    Actions

    Cabinet members who have requested guarantees for SOEs are now required to report the requests to Parliament once they have been considered by the minister of finance.

    Are there plans?

    Operational

    Is it on the agenda?

    In February 2023, National Treasury announced that government had developed a new framework for managing bailouts to state-owned companies to reduce fiscal risks and promote long-overdue reforms.

    Goals

    Government to attach greater conditionality to any form of bailout to SOEs.

    References

    Departments / Govt Institutions

    National Treasury

    Summary

    To achieve financial sustainability, National Treasury has adopted increasingly stricter measures and approaches to bailing out SOEs. The framework is meant to manage bailouts to SOEs to reduce fiscal risks and induce reforms within SOEs and the sectors they operate in by attaching conditions to these bailouts, as evidenced by the bailouts to Transnet and Eskom.

    Canvas not supported.

    Is it working?

    National Treasury is already implementing strict conditions for SOE bailouts.

    Actions

    Cabinet members who have requested guarantees for SOEs are now required to report the requests to Parliament once they have been considered by the minister of finance.

    Are there plans?

    Operational

    Is it on the agenda?

    In February 2023, National Treasury announced that government had developed a new framework for managing bailouts to state-owned companies to reduce fiscal risks and promote long-overdue reforms.

    Goals

    Government to attach greater conditionality to any form of bailout to SOEs.

    References

    Departments / Govt Institutions

    National Treasury

    Summary

    To achieve financial sustainability, National Treasury has adopted increasingly stricter measures and approaches to bailing out SOEs. The framework is meant to manage bailouts to SOEs to reduce fiscal risks and induce reforms within SOEs and the sectors they operate in by attaching conditions to these bailouts, as evidenced by the bailouts to Transnet and Eskom.

    Canvas not supported.

    Is it working?

    National Treasury is already implementing strict conditions for SOE bailouts.

    Actions

    Cabinet members who have requested guarantees for SOEs are now required to report the requests to Parliament once they have been considered by the minister of finance.

    Are there plans?

    Operational

    Is it on the agenda?

    In February 2023, National Treasury announced that government had developed a new framework for managing bailouts to state-owned companies to reduce fiscal risks and promote long-overdue reforms.

    Goals

    Government to attach greater conditionality to any form of bailout to SOEs.

    References

    Departments / Govt Institutions

    National Treasury

    Summary

    To achieve financial sustainability, National Treasury has adopted increasingly stricter measures and approaches to bailing out state-owned enterprises (SOEs). The framework is meant to manage bailouts to SOEs to reduce fiscal risks and induce reforms within SOEs and the sectors they operate in by attaching conditions to these bailouts, as evidenced by the bailouts to Transnet and Eskom.

    Canvas not supported.

    Is it working?

    In effect; National Treasury is already implementing strict conditions for SOE bailouts.

    Actions

    Cabinet members who request guarantees for SOEs are now required to report the requests to Parliament once they have been considered by the minister of finance.

    Are there plans?

    Any SOEs requiring extra budgetary support need to meet the conditions.

    Is it on the agenda?

    In February 2023, National Treasury announced that government had developed a new framework for managing bailouts to state-owned companies to reduce fiscal risks and promote long-overdue reforms.

    Goals

    Government to attach greater conditionality to any form of bailout to SOEs with the aim of ensuring the SOEs take concrete measures to improve their financial and operational management and accountability processes.

    References

    Departments / Govt Institutions

    National Treasury

    Summary

    To achieve financial sustainability, National Treasury has adopted increasingly stricter measures and approaches to bailing out state-owned enterprises (SOEs). The framework is meant to manage bailouts to SOEs to reduce fiscal risks and induce reforms within SOEs and the sectors they operate in by attaching conditions to these bailouts, as evidenced by the bailouts to Transnet and Eskom.

    Canvas not supported.

    Is it working?

    In effect; National Treasury is already implementing strict conditions for SOE bailouts.

    Actions

    Cabinet members who request guarantees for SOEs are now required to report the requests to Parliament once they have been considered by the minister of finance.

    Are there plans?

    Any SOEs requiring extra budgetary support need to meet the conditions.

    Is it on the agenda?

    In February 2023, National Treasury announced that government had developed a new framework for managing bailouts to state-owned companies to reduce fiscal risks and promote long-overdue reforms.

    Goals

    Government to attach greater conditionality to any form of bailout to SOEs with the aim of ensuring the SOEs take concrete measures to improve their financial and operational management and accountability processes.

    References

    Departments / Govt Institutions

    National Treasury

    Summary

    To achieve financial sustainability, National Treasury has adopted increasingly stricter measures and approaches to bailing out state-owned enterprises (SOEs). The framework is meant to manage bailouts to SOEs to reduce fiscal risks and induce reforms within SOEs and the sectors they operate in by attaching conditions to these bailouts, as evidenced by the bailouts to Transnet and Eskom.

    Canvas not supported.

    Is it working?

    In effect; National Treasury is already implementing strict conditions for SOE bailouts.

    Actions

    Cabinet members who request guarantees for SOEs are now required to report the requests to Parliament once they have been considered by the minister of finance.

    Are there plans?

    Any SOEs requiring extra budgetary support need to meet the conditions.

    Is it on the agenda?

    In February 2023, National Treasury announced that government had developed a new framework for managing bailouts to state-owned companies to reduce fiscal risks and promote long-overdue reforms.

    Goals

    Government to attach greater conditionality to any form of bailout to SOEs with the aim of ensuring the SOEs take concrete measures to improve their financial and operational management and accountability processes.

    References

    Departments / Govt Institutions

    National Treasury

    Analyst: Lameez Hyman
    Status: in-progress
    Last Updated:
    Next Update:
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    Reform Area:
    Reform:

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      Transnet guarantee conditionality

      Summary

      Government has provided Transnet with a R47bn guarantee facility which is meant to support Transnet's recovery plan, including meeting its immediate debt obligations. The conditions demand that Transnet focuses on its core activities and introduces private sector partnerships. These conditions are designed in part to ensure the reform of the entity and the broader logistics sector.

      Canvas not supported.

      Is it working?

      The conditions attached to the facility are meant to catalyse reforms, which by nature will take long. The impact of this facility (on the reform side) will thus only be felt at a later stage. However, there are indications of some progress in the right direction.

      Actions

      NT granted Transnet approval to use R14bn of the guarantee between December 2023 and March 2024 to pay off maturing debt. Earlier in 2024, the minister of public enterprises announced the appointment of Transnet’s new group CEO and group CFO which should help the entity meet the conditions attached to the guarantee.

      Are there plans?

      Transnet will drawdown an initial amount of R22.8bn to deal with immediate liquidity matters such as settling maturity debt. Plans in place which will in part ensure that Transnet meets the conditions attached to the facility include the Transnet Recovery Plan, the draft Network Statement, and the Freight Logistics Roadmap.

      Is it on the agenda?

      A Guarantee Framework Agreement between National Treasury, the Department of Public Enterprises and Transnet has been concluded, and the minister of finance mentioned the facility during the 2024 Budget speech.

      Goals

      Transnet has already received approval to use a portion of the guarantee to pay off maturing debt. That said, National Treasury notes that the implementation of reforms in line with the guarantee conditions is slow.

      References

      Departments / Govt Institutions

      Department of Transport National Treasury Transnet

      Summary

      Government has provided Transnet with a R47bn guarantee facility which is meant to support Transnet's recovery plan, including meeting its immediate debt obligations. The conditions demand that Transnet focuses on its core activities and introduces private sector partnerships. These conditions are designed in part to ensure the reform of the entity and the broader logistics sector.

      Canvas not supported.

      Is it working?

      The conditions attached to the facility are meant to catalyse reforms, which by nature will take time. The impact of this facility (on the reform side) will therefore only be felt at a later stage. However, there are indications of some progress in the right direction.

      Actions

      National Treasury granted Transnet approval to use R14bn of the guarantee between December 2023 and March 2024 to pay off maturing debt. Earlier in 2024, the minister of public enterprises announced the appointment of Transnet’s new group CEO and group CFO, which should help the entity meet the conditions attached to the guarantee.

      Are there plans?

      Transnet will drawdown an initial amount of R22.8bn to deal with immediate liquidity matters such as settling maturity debt. Plans in place that will in part ensure that Transnet meets the conditions attached to the facility include the Transnet Recovery Plan, the draft Network Statement and the Freight Logistics Roadmap.

      Is it on the agenda?

      A Guarantee Framework Agreement between National Treasury, the Department of Public Enterprises and Transnet has been concluded, and the minister of finance included the facility during the 2024 Budget speech.

      Goals

      Transnet has already received approval to use a portion of the guarantee to pay off maturing debt. That said, National Treasury notes that the implementation of reforms in line with the guarantee conditions is slow.

      References

      Departments / Govt Institutions

      Department of Transport National Treasury Transnet

      Summary

      Government has provided Transnet with a R47bn guarantee facility which is meant to support Transnet's recovery plan, including meeting its immediate debt obligations. The conditions demand that Transnet focuses on its core activities and introduces private sector partnerships. These conditions are designed in part to ensure the reform of the entity and the broader logistics sector.

      Canvas not supported.

      Is it working?

      The conditions attached to the facility are meant to catalyse reforms, which by nature will take time. The impact of this facility (on the reform side) will therefore only be felt at a later stage. However, there are indications of some progress in the right direction.

      Actions

      National Treasury granted Transnet approval to use R14bn of the guarantee between December 2023 and March 2024 to pay off maturing debt. Earlier in 2024, the minister of public enterprises announced the appointment of Transnet’s new group CEO and group CFO, which should help the entity meet the conditions attached to the guarantee.

      Are there plans?

      Transnet will drawdown an initial amount of R22.8bn to deal with immediate liquidity matters such as settling maturity debt. Plans in place that will in part ensure that Transnet meets the conditions attached to the facility include the Transnet Recovery Plan, the draft Network Statement and the Freight Logistics Roadmap.

      Is it on the agenda?

      A Guarantee Framework Agreement between National Treasury, the Department of Public Enterprises and Transnet has been concluded, and the minister of finance included the facility during the 2024 Budget speech.

      Goals

      Transnet has already received approval to use a portion of the guarantee to pay off maturing debt. That said, National Treasury notes that the implementation of reforms in line with the guarantee conditions is slow.

      References

      Departments / Govt Institutions

      Department of Transport National Treasury Transnet

      Summary

      Government has provided Transnet with a R47bn guarantee facility which is meant to support Transnet's recovery plan, including meeting its immediate debt obligations. The conditions demand that Transnet focuses on its core activities and introduces private sector partnerships. These conditions are designed in part to ensure the reform of the entity and the broader logistics sector.

      Canvas not supported.

      Is it working?

      The conditions attached to the facility are meant to catalyse reforms, which by nature will take time. The impact of this facility (on the reform side) will therefore only be felt at a later stage. However, there are indications of some progress in the right direction.

      Actions

      National Treasury granted Transnet approval to use R14bn of the guarantee between December 2023 and March 2024 to pay off maturing debt. Earlier in 2024, the minister of public enterprises announced the appointment of Transnet’s new group CEO and group CFO, which should help the entity meet the conditions attached to the guarantee.

      Are there plans?

      Transnet will drawdown an initial amount of R22.8bn to deal with immediate liquidity matters such as settling maturity debt. Plans in place that will in part ensure that Transnet meets the conditions attached to the facility include the Transnet Recovery Plan, the draft Network Statement and the Freight Logistics Roadmap.

      Is it on the agenda?

      A Guarantee Framework Agreement between National Treasury, the Department of Public Enterprises and Transnet has been concluded, and the minister of finance included the facility during the 2024 Budget speech.

      Goals

      Transnet has already received approval to use a portion of the guarantee to pay off maturing debt. That said, National Treasury notes that the implementation of reforms in line with the guarantee conditions is slow.

      References

      Departments / Govt Institutions

      Department of Transport National Treasury Transnet

      Summary

      Government has provided Transnet with a R47bn guarantee facility which is meant to support Transnet's recovery plan, including meeting its immediate debt obligations. The conditions demand that Transnet focuses on its core activities and introduces private sector partnerships. These conditions are designed in part to ensure the reform of the entity and the broader logistics sector.

      Canvas not supported.

      Is it working?

      The conditions attached to the facility are meant to catalyse reforms, which by nature will take time. The impact of this facility (on the reform side) will therefore only be felt at a later stage. However, there are indications of some progress in the right direction. Despite calls for debt relief, even from Transnet itself, in the 2025 budget the Minister of Finance stated that Transnet’s performance has stabilised and is steadily improving.

      Actions

      National Treasury granted Transnet approval to use R14bn of the guarantee between December 2023 and March 2024 to pay off maturing debt. Earlier in 2024, the minister of public enterprises announced the appointment of Transnet’s new group CEO and group CFO, which should help the entity meet the conditions attached to the guarantee.

      Are there plans?

      Transnet will drawdown an initial amount of R22.8bn to deal with immediate liquidity matters such as settling maturity debt. Plans in place that will in part ensure that Transnet meets the conditions attached to the facility include the Transnet Recovery Plan, the Network Statement and the Freight Logistics Roadmap.

      Is it on the agenda?

      A Guarantee Framework Agreement between National Treasury, the erstwhile Department of Public Enterprises and Transnet was concluded, and the minister of finance included the facility during the 2024 Budget speech.

      Goals

      Transnet has already received approval to use a portion of the guarantee to pay off maturing debt. That said, National Treasury notes that the implementation of reforms in line with the guarantee conditions is slow.

      References

      Departments / Govt Institutions

      Department of Transport National Treasury Transnet

      Summary

      Government has provided Transnet with a R47bn guarantee facility which is meant to support Transnet's recovery plan, including meeting its immediate debt obligations. The conditions demand that Transnet focuses on its core activities and introduces private sector partnerships. These conditions are designed in part to ensure the reform of the entity and the broader logistics sector. However, National Treasury notes that the implementation of reforms in line with the guarantee conditions is slow.

      Canvas not supported.

      Is it working?

      The conditions attached to the facility are meant to catalyse reforms, which by nature will take time. The impact of this facility (on the reform side) will therefore only be felt at a later stage. However, there are indications of some progress in the right direction. Despite calls for debt relief, even from Transnet itself, in the 2025 budget the finance minister stated that Transnet’s performance had stabilised and was steadily improving.

      Actions

      National Treasury granted Transnet approval to use R14bn of the guarantee between December 2023 and March 2024 to pay off maturing debt. Earlier in 2024, the minister of public enterprises announced the appointment of Transnet’s new group CEO and group CFO, which should help the entity meet the conditions attached to the guarantee.

      Are there plans?

      Transnet will drawdown an initial amount of R22.8bn to deal with immediate liquidity matters such as settling maturity debt. Plans in place that will in part ensure that Transnet meets the conditions attached to the facility include the Transnet Recovery Plan, the Network Statement and the Freight Logistics Roadmap.

      Is it on the agenda?

      A Guarantee Framework Agreement between National Treasury, the erstwhile Department of Public Enterprises and Transnet was concluded, and the minister of finance included the facility during the 2024 Budget speech.

      Goals

      To ensure Transnet meeets the guarantee conditions for its R47bn guarantee facility, of which a portion is to pay off matureing debt. he guarantee conditions is slow.

      References

      Departments / Govt Institutions

      Department of Transport National Treasury Transnet

      Summary

      Government in 2023 provided Transnet with a R47bn guarantee facility which was meant to support Transnet's recovery plan, including meeting its immediate debt obligations. The conditions demand that Transnet focuses on its core activities and introduces private sector partnerships. These conditions are designed in part to ensure the reform of the entity and the broader logistics sector. However, National Treasury notes that the implementation of reforms in line with the guarantee conditions is slow.
      rnSince May 2025 Transnet was granted R145.8bn in additional guarantees. Transport Minister Barbara Creecy approved an additional R51bn guarantee for Transnet in May 2025 to support its capital investment programme and to meet its debt obligations. a further R94.8bn was granted in July 2025 to limit the impact of credit downgrades on existing debt and maintain sufficient liquidity levels. The entity's financial distress remains a concern.

      Canvas not supported.

      Is it working?

      The conditions attached to the facility are meant to catalyse reforms, which by nature will take time. The impact of this facility (on the reform side) will therefore only be felt at a later stage. The additional guarantees of R145.8bn granted since May 2025 helped prevent its immediate collapse.Transnet's auditors also raised concerns that it breached loan covenants, and that its worsening net current liability position and guarantee conditionalities were not being fully met.There are indications of some progress in performance, but this is slow going.National Treasury has not granted debt relief despite calls from Transnet itself.

      Actions

      National Treasury granted Transnet approval to use R14bn of the guarantee between December 2023 and March 2024 to pay off maturing debt. Earlier in 2024, the minister of public enterprises announced the appointment of Transnet’s new group CEO and group CFO, which should help the entity meet the conditions attached to the guarantee.Further guarantees were extended in 2025.

      Are there plans?

      Transnet will drawdown an initial amount of R22.8bn to deal with immediate liquidity matters such as settling maturity debt. Plans in place that will in part ensure that Transnet meets the conditions attached to the facility include the Transnet Recovery Plan, the Network Statement and the Freight Logistics Roadmap.

      Is it on the agenda?

      A Guarantee Framework Agreement between National Treasury, the erstwhile Department of Public Enterprises and Transnet was concluded, and the minister of finance included the facility during the 2024 Budget speech.Further guarantees (R145.8bn) were issued in 2025.

      Goals

      To ensure Transnet meets the conditions for its guarantee facility, of which a portion is to pay off maturing debt.

      References

      Departments / Govt Institutions

      Department of Transport National Treasury Transnet

      Summary

      Government in 2023 provided Transnet with a R47bn guarantee facility which was meant to support Transnet's recovery plan, including meeting its immediate debt obligations. The conditions demand that Transnet focuses on its core activities and introduces private sector partnerships. These conditions are designed in part to ensure the reform of the entity and the broader logistics sector. However, National Treasury notes that the implementation of reforms in line with the guarantee conditions is slow.
      rnSince May 2025 Transnet was granted R145.8bn in additional guarantees. Transport Minister Barbara Creecy approved an additional R51bn guarantee for Transnet in May 2025 to support its capital investment programme and to meet its debt obligations. a further R94.8bn was granted in July 2025 to limit the impact of credit downgrades on existing debt and maintain sufficient liquidity levels. The entity's financial distress remains a concern.

      Canvas not supported.

      Is it working?

      The conditions attached to the facility are meant to catalyse reforms, which by nature will take time. The impact of this facility (on the reform side) will therefore only be felt at a later stage. The additional guarantees of R145.8bn granted since May 2025 helped prevent its immediate collapse.Transnet's auditors also raised concerns that it breached loan covenants, and that its worsening net current liability position and guarantee conditionalities were not being fully met.There are indications of some progress in performance, but this is slow going.National Treasury has not granted debt relief despite calls from Transnet itself.

      Actions

      National Treasury granted Transnet approval to use R14bn of the guarantee between December 2023 and March 2024 to pay off maturing debt. Earlier in 2024, the minister of public enterprises announced the appointment of Transnet’s new group CEO and group CFO, which should help the entity meet the conditions attached to the guarantee.Further guarantees were extended in 2025.

      Are there plans?

      Transnet will drawdown an initial amount of R22.8bn to deal with immediate liquidity matters such as settling maturity debt. Plans in place that will in part ensure that Transnet meets the conditions attached to the facility include the Transnet Recovery Plan, the Network Statement and the Freight Logistics Roadmap.

      Is it on the agenda?

      A Guarantee Framework Agreement between National Treasury, the erstwhile Department of Public Enterprises and Transnet was concluded, and the minister of finance included the facility during the 2024 Budget speech.Further guarantees (R145.8bn) were issued in 2025.

      Goals

      To ensure Transnet meets the conditions for its guarantee facility, of which a portion is to pay off maturing debt.

      References

      Departments / Govt Institutions

      Department of Transport National Treasury Transnet

      Summary

      Government in 2023 provided Transnet with a R47bn guarantee facility which was meant to support Transnet's recovery plan, including meeting its immediate debt obligations. The conditions demand that Transnet focuses on its core activities and introduces private sector partnerships. These conditions are designed in part to ensure the reform of the entity and the broader logistics sector. However, National Treasury notes that the implementation of reforms in line with the guarantee conditions is slow.Since May 2025 Transnet was granted R145.8bn in additional guarantees. Transport Minister Barbara Creecy approved an additional R51bn guarantee for Transnet in May 2025 to support its capital investment programme and to meet its debt obligations. a further R94.8bn was granted in July 2025 to limit the impact of credit downgrades on existing debt and maintain sufficient liquidity levels. The entity's financial distress remains a concern.

      Canvas not supported.

      Is it working?

      The conditions attached to the facility are meant to catalyse reforms, which by nature will take time. The impact of this facility (on the reform side) will therefore only be felt at a later stage. The additional guarantees of R145.8bn granted since May 2025 helped prevent its immediate collapse.Transnet's auditors also raised concerns that it breached loan covenants, and that its worsening net current liability position and guarantee conditionalities were not being fully met.There are indications of some progress in performance, but this is slow going.National Treasury has not granted debt relief despite calls from Transnet itself.

      Actions

      National Treasury granted Transnet approval to use R14bn of the guarantee between December 2023 and March 2024 to pay off maturing debt. Earlier in 2024, the minister of public enterprises announced the appointment of Transnet’s new group CEO and group CFO, which should help the entity meet the conditions attached to the guarantee.Further guarantees were extended in 2025.

      Are there plans?

      Transnet will drawdown an initial amount of R22.8bn to deal with immediate liquidity matters such as settling maturity debt. Plans in place that will in part ensure that Transnet meets the conditions attached to the facility include the Transnet Recovery Plan, the Network Statement and the Freight Logistics Roadmap.

      Is it on the agenda?

      A Guarantee Framework Agreement between National Treasury, the erstwhile Department of Public Enterprises and Transnet was concluded, and the minister of finance included the facility during the 2024 Budget speech.Further guarantees (R145.8bn) were issued in 2025.

      Goals

      To ensure Transnet meets the conditions for its guarantee facility, of which a portion is to pay off maturing debt.

      References

      Departments / Govt Institutions

      Department of Transport National Treasury Transnet

      Analyst: Lameez Hyman
      Status: in-progress
      Last Updated:
      Next Update:
      Got an Update? Follow this reform
      Reform Area:
      Reform:

        If you would like to alert our analysts to an update you are aware of in this particular reform area, please complete the form below and submit it to us. Please ensure you include links to any press releases or other documents to confirm the reforms and provide detail to allow our analysts to assess the changes. Our team will review it.