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Ramaphosa Presents Presidency Budget Vote, S. Africa Reports Trade Balance

SOUTH AFRICA
  • President Cyril Ramaphosa will present the Presidency Budget Vote for 2023/24 in the National Assembly at 13:00BST/14:00SAST. As part of his address, the President will discuss the electricity crisis and growing an inclusive economy. He will then respond to the Presidency Budget Vote debate around the same time on Thursday. The live stream of Ramaphosa's speech can be found here.
  • Electricity Minister Kgosientsho Ramokgopa told Radio 702 that load-shedding will reach "significantly lower stages" by the end of this year and Stage 6 outages will be "far behind" in 2024. He had earlier said that ending load-shedding entirely by the end of 2023 is technically impossible, despite pressure from Energy Minister Gwede Mantashe and the ruling African National Congress.
  • Public Enterprises Minister Pravin Gordhan applied for leave to appeal to the court order that hospitals, clinics, schools and police stations should be exempted from load-shedding within 60 days. In his appeal, Gordhan argued that the order was unclear, impossible to implement, and would require him to step outside of his authority.
  • South Africa's April trade data for April will be published at 13:00BST/14:00SAST. Analysts in a Bloomberg survey expect a ZAR0.5bn surplus.
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