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On 31st March 2023, the Minister of Finance granted a partial exemption to Eskom Holdings SOC Ltd (“Eskom”) from section 55(2)(b)(i) of the Public Finance Management Act (PFMA) and Treasury Regulation 28.2.1 for a period of three years whilst declining exemptions under sections 55(2)(b)(ii) and (iii) of the PFMA.

This exemption still requires Eskom to disclose financial and non-financial information on irregular, fruitless and wasteful expenditure but only in its annual report. All other institutions are required, by law, to report irregular as well as fruitless and wasteful expenditure in the annual report and the annual financial statements as set out in the PFMA section mentioned above. Whilst the historical (i.e. previous year) information was also reflected in the annual financial statements, a separation in the reporting of irregular and fruitless and wasteful expenditure across the annual report and annual financial statements was made for all institutions from the 2022/2023 financial year.

Full Statement Attached

Issued by National Treasury