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South Africa Assess Potential Consequences Of Losing AGOA Status, Budget Balance Due

SOUTH AFRICA
  • Finance Minister Enoch Godongwana said that the National Treasury is assessing the potential ramifications of being ousted from the African Growth and Opportunity Agreement (AGOA), which gives Pretoria preferential access to US markets. Godongwana, who was part of a high-level South African delegation which recently visited the US to discuss the matter, said that the assessment will take some time, but the likely consequences would involve higher inflation, borrowing costs and bond yields. Separately, Trade and Industry Minister Ebrahim Patel confirmed that the US did question South African officials over relations with Russia during the recent talks on bilateral trade agreements.
  • The Daily Maverick reported that Eskom has already spent ZAR12.4bn on diesel to run its emergency generation fleet, burning through almost half of the ZAR27.9bn budget for the entire FY2023/24 fiscal year, which ends in March 2024.
  • South Africa will report June monthly budget balance at 13:00BST/14:00SAST. According to a Bloomberg survey, consensus expects budget balance to have flipped into a surplus of ZAR18.5bn from a deficit of 16.4bn recorded in May.
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