Investors in the rand want detailed plans about Eskom

Finance minister Enoch Godongwana spurred a brief relief rally in the rand as he presented the country’s budget, unveiling news of anxiously awaited plans to deal with debt at Eskom.

The rand strengthened as much as 0.7% against the greenback, but was little changed shortly after Godongwana finished speaking. The yield on SA’s most liquid debt due in 2026 did hold a decline, in a sign that investors were optimistic that the plan to transfer Eskom debt to the state would not have a dramatic effect on the government’s overall debt metrics…