The deal with Eskom would see the R6.67 billion debt reserved and repaid over a five-year period, with the first payment of R400 million scheduled for December 2024 and the final payment in March 2029.

Speaking to media on Monday, Moya said the deal was made official through a court order last week.

“This settlement marks a turning point, ending years of costly litigation and redirecting our attention to improving service delivery and improving revenue collection systems.

“My administration is fully committed to fully honoring this arrangement.

We will adopt stronger financial governance practices to ensure this never happens.

once again, it is about preserving the resources and financial health of the city.

Moya added that Eskom had also agreed to waive the interest of R700 million, provided the city made payment on time.

“To ensure that we continue to meet the obligations set out in the court order, we will also focus on revenue protection to ensure that residents who are able to pay their accounts are held accountable for non-payment,” Moya warned.

“This agreement marks a turning point as it allows us to focus on improving service delivery and strengthening revenue collection systems. »

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