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Ramaphosa to Address Energy Woes in Parliament

SOUTH AFRICA
  • President Ramaphosa is to address parliament later today, with the President seen focussing on energy issues and his government’s progress after a pledge made in July to institute emergency energy measures to head off load-shedding and power cuts. A similar address pencilled in for September had to be scrapped due to disruption in the chamber – a risk that remains today.
  • Yesterday marked the publication of the first Zaronia rate, a new overnight index average, from the SARB. Zaronia has been earmarked as the preferred successor rate to JIBAR, although a formal cessation date for JIBAR has yet to be decided.
  • The Nehawu, Denosa, Popcru and Hospersa public sector unions are set to strike today, representing 800,000 workers after rejected a 3% pay rise offer with R1,000 gratuity payments.
  • Commenting on Godongwana’s MTBPS, the IMF have backed the finance minister’s decision to cut debt requirements and hold back on windfalls, however added that the government’s fiscal targets may be too optimistic. The IMF see substantial risk in public sector pay packets, SOEs and a possible basic income grant.
  • Daily Maverick writes that the Treasury’s attempts to avoid greylisting by the FATF has hit hurdles in parliament, with MPs pushing against bill proposals and demanding clarity from the finance minister.
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