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Parliament To Elect President After Coalition Talks Extended Into Late-Night Hours

SOUTH AFRICA
  • The National Assemby will convene at 09:00BST/10:00SAST for the first time to elect the Speaker and President. African National Congress (ANC) Secretary General Fikile Mbalula told reporters last night that coalition talks with the Democratic Alliance (DA) were still ongoing even as the deadline loomed large. He was unable to provide any details, despite claiming that most parties have reached a "breakthrough" agreement that a government of national unity (GNU) was needed. According to Bloomberg sources, one of the key sticking points in the negotiations is the allocation of the position of parliament speaker, with both the DA and the Economic Freedom Fighters (EFF) vying for the post.
  • The Umkhonto weSizwe (MK) Party said that all of its 58 MPs will boycott today's parliament sitting but some of its members will be sent to provincial legislatures for the swearing-in ceremonies. The party claims that the national election ws rigged and continues to challenge the results. Separately, the Western Cape High Court dismissed MK Party founder Jabulani Khumalo's application to interdict the party's decision to remove him from its candidate list.
  • The National Freedom Party (NFP) decided to form a coalition government with the ANC, DA and IFP in KwaZulu-Natal, where the MK Party garnered 45% of the vote, emerging as the front-runner to lead the provincial administration. The coalition is supported by a razor-thin majority, controlling 41 seats (including 1 seat held by the NFP) in the 80-strong provincial legislature.
  • The National Treasury will sell 1.875% 2033 linkers, 2.500% 2046 linkers and 5.125% 2058 linkers today.
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EM BulletHomepagemarkets-real-timePolitical RiskPolitical Risk BulletBulletEmerging Market NewsPolitical Market News

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