MNI BRIEF: Canada PM Carney Derides Trump's 51st State Idea

MNI BRIEF: Carney Sworn In As PM, Names Champagne To Finance

MNI China Daily Summary: Friday, March 14

MNI BRIEF: China February M2 Stays At 7% Y/Y

RPT-MNI INTERVIEW2: Lag Justifies Faster CNB Easing - Holub

BAKER HUGHES CANADA RIG COUNT 199; OIL RIGS 139; GAS RIGS 60

MNI: BAKER HUGHES US RIG COUNT 592; OIL RIGS 487; GAS RIGS 100

EZ/UK T-Bill Calendar: DE, NL and FR Due Monday

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SOUTH AFRICA: Budget Vote Likely to Be Held in May; Set to Go Down to the Wire

SOUTH AFRICA
EM BulletBulletEmerging Market News

Based on voiced voting intentions, the budget vote looks set to go down to the wire. The total number of seats held in the National Assembly by parties who have expressed intention to vote through the law (ANC, IFP, PA, Good) totals 186, while those against (DA, MK, EFF, FF+, Bosa) hold 192 seats.

  • The budget now heads to parliament, with a first vote set to take place on April 2 when the fiscal framework will be debated, the leader of the DA John Steenhuisen said. The vote on the budget itself is expected by end of May, according to the parliamentary program.
  • Should the vote fail to pass, it is unlikely to be deemed a confidence issue, so no automatic dissolution of parliament. Without a budget under Sec. 29 of the PFMA the GNU can follow last year's appropriations. They can spend up to 45% of the previous year's budget in the first four months afterwards, but then are limited to 10% of the previous year's budget for each subsequent month.
170 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Based on voiced voting intentions, the budget vote looks set to go down to the wire. The total number of seats held in the National Assembly by parties who have expressed intention to vote through the law (ANC, IFP, PA, Good) totals 186, while those against (DA, MK, EFF, FF+, Bosa) hold 192 seats.

  • The budget now heads to parliament, with a first vote set to take place on April 2 when the fiscal framework will be debated, the leader of the DA John Steenhuisen said. The vote on the budget itself is expected by end of May, according to the parliamentary program.
  • Should the vote fail to pass, it is unlikely to be deemed a confidence issue, so no automatic dissolution of parliament. Without a budget under Sec. 29 of the PFMA the GNU can follow last year's appropriations. They can spend up to 45% of the previous year's budget in the first four months afterwards, but then are limited to 10% of the previous year's budget for each subsequent month.