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Talks Still Ongoing On Putin's Attendance At BRICS Summit, Eskom Escalates Load-Shedding

SOUTH AFRICA
  • Deputy President Paul Mashatile told the Mail & Guardian that the final decision on Russian President Vladimir Putin's in-person attendance at the upcoming BRICS leaders' summit may become known within a week, with intergovernmental negotiations still ongoing. Mashatile said that President Cyril Ramaphosa advised Putin to deploy his Foreign Minister but "the Russians are not happy with that" and have also rejected the option of virtual attendance. He also confirmed that South Africa was considering moving the summit to China, but this was opposed by Brazil and India. As allies rejected all three options proposed by South Africa, "we are back to square one," with Ramaphosa working with Putin to find an optimal solution.
  • SARB Governor Lesetja Kganyago called for a cautious embrace of capital flows, which in his view is a better strategy for countries where investment opportunities exceed local saving rates than being "pessimistic about the flows and allergic to the risks, or naïve about the flows and blind to the risks." The official also said that policymakers should remain sufficiently cautious about government borrowing.
  • Eskom announced a further escalation of load-shedding this morning. Due to the "loss of additional generating units overnight, the extensive use of Open Gas Cycle Turbines and the inability to replenish pumped storage dam levels," it will now implement Stage 4 outages until 14:00 and Stage 6 outages from 14:00 until 05:00 on Thursday. The utility expects this pattern to be repeated daily until further notice.
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