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Eskom Resumes Loadshedding, Fitch Expects AGOA Extension

SOUTH AFRICA
  • Eskom announced that it would alternate between Stage 1 and Stage 2 loadshedding until further notice due to a "setback experienced in returning two generating units to service as well as the loss of three generating units". This came after Electricity Minister Kgosientsho Ramokgopa admitted that it was impossible to provide a loadshedding outlook for this year due to the unreliability of Eskom's generation fleet.
  • Fitch wrote that there was a 65% probability that South Africa would secure better trade terms under the revised African Growth and Opportunity Act (AGOA), which will likely be amended and extended before its 2025 expiry date. According to Fitch, we can expect an extension by 10-20 years, albeit the process could hit a snag should Donald Trump win the US presidential election.
  • President Cyril Ramaphosa expressed confidence that the South African legal team will be able to effectively argue its case of genocide against Israel in the International Court of Justice (ICJ). Meanwhile, Israeli President Isaac Herzog called the case "atrocious and preposterous" as his country prepares to defend its actions in court later this week.
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