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SOUTH AFRICA: Cabinet Rejects Revised Budget, Debates Ways To Plug Fiscal Holes

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • South African Reserve Bank (SARB) Governor Lesetja Kganyago warned that the policies introduced by US President Donald Trump's administration may lead to the fragmentation of world economy and increase global uncertainty. Kganyago was speaking ahead of a summit of G20 central bank chiefs and finance ministers in Cape Town. The official added that the 2pp VAT hike proposed in the initial version of the delayed 2025 Budget would have been a shock to the domestic economy, but the SARB would design its monetary policy response only based on its assessment of potential second-round effects.
  • News24 reported that during a special cabinet meeting yesterday Finance Minister Enoch Godongwana presented a revised budget that excluded the contentious VAT hike but it was rejected as "unworkable". Separately, sources told BusinessDay that introducing a wealth tax was another option that emerged during cabinet discussions
  • Eskom reduced loadshedding from Stage 4 to Stage 2 this morning after the "successful recovery of eight out of ten generation units and the restoration of 3,808MW from units that tripped over the weekend, with an additional 1,146MW expected to be recovered overnight."
  • The National Treasury will sell ZAR1.25bn of 7% 2031 bonds, ZAR1.25bn of 8.875% 2035 bonds and ZAR1.25bn of 8.75% 2044 bonds.
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  • South African Reserve Bank (SARB) Governor Lesetja Kganyago warned that the policies introduced by US President Donald Trump's administration may lead to the fragmentation of world economy and increase global uncertainty. Kganyago was speaking ahead of a summit of G20 central bank chiefs and finance ministers in Cape Town. The official added that the 2pp VAT hike proposed in the initial version of the delayed 2025 Budget would have been a shock to the domestic economy, but the SARB would design its monetary policy response only based on its assessment of potential second-round effects.
  • News24 reported that during a special cabinet meeting yesterday Finance Minister Enoch Godongwana presented a revised budget that excluded the contentious VAT hike but it was rejected as "unworkable". Separately, sources told BusinessDay that introducing a wealth tax was another option that emerged during cabinet discussions
  • Eskom reduced loadshedding from Stage 4 to Stage 2 this morning after the "successful recovery of eight out of ten generation units and the restoration of 3,808MW from units that tripped over the weekend, with an additional 1,146MW expected to be recovered overnight."
  • The National Treasury will sell ZAR1.25bn of 7% 2031 bonds, ZAR1.25bn of 8.875% 2035 bonds and ZAR1.25bn of 8.75% 2044 bonds.