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SOUTH AFRICA: GNU Parties Keep Wrangling Over Budget As Deadline Looms Large

SOUTH AFRICA
EM BulletHomepagemarkets-real-timePolitical RiskPolitical Risk BulletBulletEmerging Market News
  • The rand gained for the third consecutive day on Thursday, printing its best levels versus the greenback since mid-December, with USD/ZAR testing its 200-DMA. The move was facilitated by broad-based US dollar weakness, although the rand was among the best performers in the EMEA FX space.
  • The Mail & Guardian described the budget situation as "down to the wire" as "any VAT increase is probably off the table," with Finance Minister Enoch Godongwana rushing to finalise the revised spending plan by March 10 and deliver it in parliament on March 12. The Financial Times reported that coalition parties remained at loggerheads, with sources telling the outlet that the budget is "by no means a done deal" and heated negotiations are ongoing, despite public assurances from the Presidency.
  • The government confirmed that Ukrainian President Volodymyr Zelensky will arrive in South Africa for a state visit on April 10 in response to President Cyril Ramaphosa's invitation extended in mid-January. South Africa has been trying to portray itself as a neutral third party, which could play the role of a peace broker amid Russia's ongoing invasion of Ukraine.
  • Health Minister Aaron Motsoaledi said that the government may not be able to fill the gap left after the termination of USAID programmes, especially when it comes to research and related activities. Separately, Foreign Minister Ronald Lamola said that US President Trump had "every right" to cut aid and South Africa should seek to reduce its dependence on wealthy nations.
  • The National Treasury sells linkers at an auction today.
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  • The rand gained for the third consecutive day on Thursday, printing its best levels versus the greenback since mid-December, with USD/ZAR testing its 200-DMA. The move was facilitated by broad-based US dollar weakness, although the rand was among the best performers in the EMEA FX space.
  • The Mail & Guardian described the budget situation as "down to the wire" as "any VAT increase is probably off the table," with Finance Minister Enoch Godongwana rushing to finalise the revised spending plan by March 10 and deliver it in parliament on March 12. The Financial Times reported that coalition parties remained at loggerheads, with sources telling the outlet that the budget is "by no means a done deal" and heated negotiations are ongoing, despite public assurances from the Presidency.
  • The government confirmed that Ukrainian President Volodymyr Zelensky will arrive in South Africa for a state visit on April 10 in response to President Cyril Ramaphosa's invitation extended in mid-January. South Africa has been trying to portray itself as a neutral third party, which could play the role of a peace broker amid Russia's ongoing invasion of Ukraine.
  • Health Minister Aaron Motsoaledi said that the government may not be able to fill the gap left after the termination of USAID programmes, especially when it comes to research and related activities. Separately, Foreign Minister Ronald Lamola said that US President Trump had "every right" to cut aid and South Africa should seek to reduce its dependence on wealthy nations.
  • The National Treasury sells linkers at an auction today.