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Re-Elected DA Leader Proposes Opposition Pact, Absa M'fing PMI Eyed

SOUTH AFRICA
  • South Africa's main opposition Democratic Alliance re-elected John Steenhuisen as its federal leader at a party congress held over the weekend. Steenhuisen's victory over his rival and former Johannesburg Mayor Mpho Phalatse was expected and the incumbent garnered 83% of the vote. His main task going forward will be preparing the party for the 2024 general elections. Steenhuisen in his victory speech extended an offer to like-minded opposition parties to form a "Moonshot Pact" and prevent the ruling African National Congress and the radical Economic Freedom Fighter from forming a coalition government after the next elections. The ANC is currently in the process of deciding what it would do if it lost its absolute majority in parliament for the first time in South Africa's democratic history.
  • The government exempted Eskom from reporting "any irregular expenditure and fruitless and wasteful expenditure" for the past fiscal year and the coming two years. The Treasury said that the decision arose from technical accounting issues and a statement with a detailed rationale behind the measure will be issued soon.
  • The government clarified that it will not increase borrowing to cover the cost of a 7.5% wage hike for public servants agreed with trade unions. Instead, ministries will have to find the money by cutting jobs, programmes and pay rises in publicly funded entities.
  • Absa will publish South Africa's Manufacturing PMI at 10:00BST/11:00SAST. Separately, SARS Commissioner Edward Kieswetter will unveil preliminary tax revenue figures for the fiscal year through March 2023.
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