South Africa's President Cyril Ramaphosa announced plans to break up state-owned utility Eskom and create an independent transmission company to attract private investment and modernize the electricity grid. A task team will deliver an implementation report within three months. The country needs R390-billion over the next decade for transmission infrastructure, which Eskom cannot fund alone due to financial constraints. The IMF has urged faster electricity reforms to address power shortages that have hobbled economic growth.
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