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FinMin Godongwana Unveils Plan To Tap GFECRA, Eskom Ramps Up Loadshedding

SOUTH AFRICA
  • Finance Minister Enoch Godongwana delivered his 2024 budget, outlining largely unchanged deficit projections, which came as a positive surprise to the market. Godongwana announced a suite of pre-election support measures, but also promised to reign in debt by drawing ZAR150bn from South Africa's Gold and Foreign Exchange Contingency Reserve Account (GFECRA). The Finance Minister told the Daily Maverick that his Cabinet colleagues for the first time "almost unanimously" backed his plan. Godongwana is currently delivering a keynote address at a post-budget analysis event.
  • Eskom ramped up loadshedding to Stage 4 and will implement it until further notice due to the loss of five generating units at Kendal Power Station and Duvha Power Station.
  • ANC Secretary General Fikile Mbalula said at a party rally that ex-President Jacob Zuma's new MK Party stood no chance of garnering a two-thirds majority in the upcoming elections, having failed to a achieve such results for the ANC.

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