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IMF Revises S. Africa's Growth Outlook Higher

SOUTH AFRICA
  • The International Monetary Fund (IMF) revised South Africa's 2023 GDP growth outlook higher to 0.9% Y/Y from +0.3% forecast in July as Eskom power cuts in 2Q2023 proved less severe than expected. The IMF's revised projection exceeds the SARB's latest forecast of +0.7% Y/Y.
  • The National Treasury has extended the deadline for municipalities to apply for the Eskom municipal debt relief support programme until the end of October. South African municipalities have been under growing fiscal pressure, with their debt to Eskom growing by around ZAR4bn just this financial year.
  • Absa wrote that South Africa's expulsion from the African Growth and Opportunity Act (AGOA) would have a limited direct macroeconomic impact as most South African exports to the US are exempt from duties under a separate WTO agreement. The bank added that the risk of expulsion is currently small.
  • The Mail & Guardian reports that former opposition leader and the founder of the new Build One South Africa party Mmusi Maimane looks set to join the "moonshot pact" of opposition parties willing to unseat the ruling African National Congress (ANC) and keep the radical Economic Freedom Fighters (EFF) out of government.
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