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FinMin Godongwana Delivers Budget, Pres Ramaphosa Announces Election Date

SOUTH AFRICA
  • South African Finance Minister Enoch Godongwana will deliver the FY2024/25 budget in parliament at 12:00GMT/14:00SAST. The government seeks to maintain support for the vulnerable and ignite economic growth despite facing a very limited fiscal space and piling public debt. The speech will be broadcast live via parliament's social media channels.
  • Before that, Statistics SA will release January CPI data at 08:00GMT/10:00SAST. A Bloomberg survey of analysts suggests that headline inflation may have accelerated to +5.4% Y/Y from +5.1% prior, while core likely stayed at +4.5% Y/Y. The South African Reserve Bank (SARB) seeks to anchor inflation at the +4.5% Y/Y mid-point of its target range.
  • President Cyril Ramaphosa decided that the 2024 national and provincial elections will take place on May 29, according to his spokesman Vincent Magwenya. The official proclamation will be issued in due course.
  • The Mail and Guardian reported that the ANC's internal polling showed that President Ramaphosa remains more popular than the party itself and than leaders of rival political parties.
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