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SOUTH AFRICA: IMF Advises Fiscal Consolidation Measures, Q4 Unemployment On Tap

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • The International Monetary Fund (IMF) advised South Africa to take bold steps to rein in debt and ignite economic growth, which would involve a "fiscal adjustment of 1% of GDP per year for three years." This would "put public debt on a downward trajectory and lower public debt to more prudent levels of 60% to 70% of GDP in the next five to 10 years." These comments from the IMF's representative to South Africa came out ahead of Finance Minister Enoch Godongwana's Budget Speech, which will be delivered tomorrow at 12:00GMT/14:00SAST.
    • Coalition parties ramped up pressure on Godongwana not to impose tax hikes as part of the 2025 Budget, reportedly warning that if he does not comply, they would add the spending plan to the list of grievances to be addressed via the "clearing house" mechanism created to handle conflicts within the coalition government.
  • The National Treasury will sell ZAR1.25bn of 8.25% bonds, ZAR1.25bn of 8.50% 2037 bonds and ZAR1.25bn of 9.00% 2040 bonds at an auction today.
  • Statistics SA will release Q4 unemployment data at 09:30GMT/11:30SAST. The jobless rate stood at 32.1% in the three months through end-September.
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  • The International Monetary Fund (IMF) advised South Africa to take bold steps to rein in debt and ignite economic growth, which would involve a "fiscal adjustment of 1% of GDP per year for three years." This would "put public debt on a downward trajectory and lower public debt to more prudent levels of 60% to 70% of GDP in the next five to 10 years." These comments from the IMF's representative to South Africa came out ahead of Finance Minister Enoch Godongwana's Budget Speech, which will be delivered tomorrow at 12:00GMT/14:00SAST.
    • Coalition parties ramped up pressure on Godongwana not to impose tax hikes as part of the 2025 Budget, reportedly warning that if he does not comply, they would add the spending plan to the list of grievances to be addressed via the "clearing house" mechanism created to handle conflicts within the coalition government.
  • The National Treasury will sell ZAR1.25bn of 8.25% bonds, ZAR1.25bn of 8.50% 2037 bonds and ZAR1.25bn of 9.00% 2040 bonds at an auction today.
  • Statistics SA will release Q4 unemployment data at 09:30GMT/11:30SAST. The jobless rate stood at 32.1% in the three months through end-September.