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Ramaphosa Secures Extra $10bln in Climate Funding

SOUTH AFRICA
  • Following the submission of plans for the climate transition plan at the COP27 summit in Egypt, Ramaphosa has secured an extra $10bln in backing from international partners. How much of the financing consists of grants vs. loans remains to be seen, and the total figure still falls short of South Africa’s R1.5trl cost estimate.
  • Finance minister Godongwana outlined his expectations that lawmakers will proceed with the passage of procurement laws as the latest part of Ramaphosa’s anti-corruption drive as the President looks to shore up his position as anti-graft.
  • Public sector wage strike action will likely go ahead from tomorrow, with the government standing fast on their wage offer of 3%, against union demands for a 10% rise in pay packets. Godongwana said yesterday that the government has “all we could”.
  • No key data due Wednesday, with USD/ZAR holding close to the weekly and monthly lows printed yesterday at 17.6532. The rate dropped Tuesday on a weaker USD outlook as well as a rally in gold prices, with the yellow metal higher by near 2% on the week.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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