CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MTBPS Tabled In Parliament, AGOA Forum Begins In Jo'burg

SOUTH AFRICA
  • Finance Minister Enoch Godongwana used his Medium-Term Budget Policy Statement (MTBPS) to announce a combination of spending cuts, increased borrowing and tax hikes to address the widening fiscal shortfall. Godongwana noted that "the main budget deficit has increased by ZAR54.7 billion compared with the 2023 budget estimates" amid "lower revenue performance, higher wage bill costs and higher projected debt-service costs". In order to address this, the government will announce tax hikes to the tune of ZAR15bn as part of the February budget, roll out some targeted cost-cutting measures and ramp up borrowing despite the blowout burden of debt-servicing.
  • The Daily Maverick reports that South African officials are "cautiously optimistic" that Pretoria will be able to keep its preferential trade status with the US as the African Growth and Opportunity Act (AGOA) Forum begins in Johannesburg today. South Africa is reportedly looking to boost duty-free exports to the US under AGOA, which could help fix the country's fiscal troubles, while shuttle diplomacy helped mitigate pressures from US business lobbies and contain the fallout from diplomatic tensions. The AGOA Forum will not decide whether to extend AGOA, but will issue a recommendation to the US Congress on whether the trade deal should continue.
  • South Africa will report September electricity production and consumption data at 11:00GMT/13:00SAST.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.