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BRICS Summit Begins In Cape Town, SARB Officials Due To Speak Today

SOUTH AFRICA
  • A summit of BRICS Foreign Ministers starts in Cape Town today. Chief diplomats from the five member states will discuss issues ranging from the bloc's proposed expansion and the potential establishment of a common currency. On the second day of the conference, they will be joined virtually by their 15 counterparts from "Africa and the Global South," which includes countries such as Saudi Arabia, the United Arab Emirates, Iran, Egypt, Cuba, Kazakhstan, Argentina, the DRC, and Bangladesh. Part of the summit will be devoted to laying the groundwork for the BRICS leaders' meeting in August, with Russian President Vladimir Putin's visit still hanging in the air. South Africa's Justice Ministry confirmed the receipt of the ICC arrest warrant issued against the Russian leader as the sub-Saharan nation keeps looking for a way to bypass the obligation to detain him upon his possible arrival.
  • President Cyril Ramaphosa told lawmakers that he will send a ministerial delegation to G7 countries to lobby for a peaceful solution to the Russo-Ukrainian war and explain South Africa's "non-aligned" stance, which he insisted is not the same as taking a "neutral" position. He also committed to travelling to both Russia and Ukraine in search of renewed dialogue. Ramaphosa unveiled these plans while presenting the Presidency Budget Vote yesterday. He will return to the National Assembly today to respond to its debate on the Budget Vote.
  • South Africa's May Absa Manufacturing PMI will be published at 10:00BST/11:00SAST, with electricity output/consumption coming up at 12:00BST/13:00SAST. Elsewhere, SARB Governor Lesetja Kganyago will participate in a discussion on the climate transition, while Deputy Governor Rashad Cassim and Head of Currency Management Pearl Kgalegi will speak on a radio discussion.
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