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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Kganyago Set to Speak Ahead of IMF/World Bank Meeting Round

SOUTH AFRICA
  • SARB governor Kganyago is set to speak later today, appearing at the Peterson Institute ahead of a round of IMF and World Bank meetings this week.
  • IOL writes that economists and analysts are fearing the worst for the South African economy, with the cost of living crisis continuing to pinch. The piece writes that the SARB’s 50bps rate rise was ‘shocking’ and the most recent fuel price cut for was ‘miniscule’. The piece also cites the Pietermaritzburg Economic Justice & Dignity group’s food price gauge, which saw over 80% of the basic foods basket rise in cost by over 10%.
  • Gross reserves data out this morning showed reserves rising to $61.9bln in March, just below forecast of $62bln.
  • Late last week, the electricity minister called for further state funding – a likely inclusion for the cabinet submissions later this month and planning to end the load-shedding crisis. Ramokgopa didn’t cite fresh figures, but is expected to call for more funds as well as lifting a limit on emissions.
  • The current load-shedding schedule saw Stage 3 load kick in yesterday at 5pm local time, to persist until 4pm today. Thereafter, Stage 5 load shedding will be implemented Wednesday morning.
  • Manufacturing production and SACCI Business confidence releases are the calendar highlights Tuesday.
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