Instead of focusing on rebuilding the country after years of state capture, we were distracted by a sideshow, writes Mandy Wiener.
Afternoon clouds. Mild.
The mood at the investment conference has been positive, reminiscent of the halcyon days under Thabo Mbeki’s presidency when the economy grew over 5% per annum, according to Overberg Asset Management.
In the first scheduled bond auction since Finance Minister Tito Mboweni delivered his fiscal update, demand dropped 67% from the previous sale to the lowest since March.
The impact of spending reprioritisation announced in South Africa’s medium-term budget policy statement is to unlikely meaningfully boost economic growth, says the ratings agency.
Cosatu General Secretary Bheki Ntshalintshali says government should not blame public wages for squeezing expenditure, saying the Cabinet size should rather be reconsidered.
The rand weakened the most among emerging-market peers and bond yields climbed to the highest this year as the government’s latest debt projections increased the probability of a credit-rating downgrade.
Fin24's Moeshfieka Botha speaks to portfolio manager Abdul Azeez Davids of Kagiso Asset Management on whether Finance Minister Tito Mboweni medium-term budget policy statement reached expectations.
Fin24's Moeshfieka Botha gives an overview of what Mboweni said about VAT, spending shortfalls and the economy in his maiden mini budget in Parliament on Wednesday.
South Africa’s gross domestic product could contract in 2019 and 2020 if contagion from a developing-economy debt and currency crisis spreads, says the National Treasury.
South Africa is working on policy and regulatory reforms to make it easier for municipalities to borrow in capital markets to finance infrastructure projects, says the National Treasury.
The finance minister says that South Africans should end “regular attacks on the mandate and independence of the South African Reserve Bank” saying this was a distraction to the bank’s governor Lesetja Kganyago.
The mini budget released by Finance Minister Tito Mboweni on Wednesday is bad news for the working middle-class in the private sector, says Ferial Haffajee.
South Africa’s mini budget has unveiled a weaker fiscal outlook, which is credit-negative, says Moody’s Investors Service.
Near the back entrance to National Treasury’s headquarters on Church Square in Pretoria, there has been a succession of changes to the portraits hanging on the wall.
While the finance minister has said no new tax increases are in the pipeline, financial analysts say the state must source spending requirement from somewhere.
Business advocacy groups may have mixed reactions to Minister of Finance Tito Mboweni’s maiden medium term budget policy statement on Wednesday, but were in agreement that his brutal honesty about South Africa’s dire economic outlook was commendable.
The National Treasury has allocated R5bn to help South African Airways repay debt, but says the state-owned airline will have to engage with creditors to restructure almost double that amount.
Former President Jacob Zuma’s legacy hung like an albatross around the neck of his successor Cyril Ramaphosa, as a gloomy medium-term budget policy statement landed on Wednesday.
After approving an inflation-busting pay increase for public servants, the government has failed to allocate additional funds to pay for it, instead ordering state departments to find the money within existing budgets.
Tito Mboweni’s appointment as finance minister two weeks ago appeased investors, but his first mid-term budget showed the nation’s debt burden is heavier than previously thought.
Read the full Medium Term Budget Policy Statement delivered by Finance Minister Tito Mboweni.
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