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Budget News

CoJ council has until Friday to approve budget

By: Sane Dhlamini     6th July 2020 Gauteng Cooperative Governance MEC Lebogang Maile has urged  the City of Johannesburg Municipal Council to put the interest of the residents of the City first following its failure to approve an annual budget for the start of the municipal financial year 2020/21. The Gauteng Provincial Executive... 

Roles of govt, business in restarting economy need clearer definition, says BLSA

By: Donna Slater     6th July 2020 In her weekly newsletter, Business Leadership South Africa (BLSA) CEO Busi Mavuso says a clearer perspective of the roles and responsibilities of business and government needs to be established as the country grapples with restarting its economy. She notes that, on one level, there are common... 

Roles of govt, business in restarting economy need clearer definition, says BLSA
Photo by Creamer Media's Donna Slater
BLSA CEO Busi Mavuso

Treasury warns public finances dangerously overstretched

By: African News Agency      26th June 2020 South Africa's finances are overstretched and unable to weather another severe shock, a senior National Treasury official warned on Thursday. "We are now in a position where we are dangerously overstretched in our public finances," Edgar Sishi, the acting head of the treasury's budget office,... 

Treasury warns public finances dangerously overstretched
Finance Minister Tito Mboweni

South Africa too rich for relief even as fiscal reckoning looms

By: Bloomberg     25th June 2020 Too rich for debt relief available to most African nations and hobbled by its politics, South Africa is facing a public financing crisis. Debt levels will continue to rise, peaking in 2024 and only dipping back below 80% of gross domestic product by 2028, according to the supplementary budget... 

South Africa too rich for relief even as fiscal reckoning looms

Covid-19 has exposed weaknesses in our communities – Dlamini-Zuma

By: Sane Dhlamini     23rd June 2020 Cooperative Governance and Traditional Affairs (Cogta) Minister Dr Nkosazana Dlamini-Zuma on Tuesday declared that the coronavirus (Covid-19) pandemic has exposed the weaknesses and deep fault lines in basic services, infrastructure, poverty and hunger, as well as in economic activities in rural... 

Covid-19 has exposed weaknesses in our communities – Dlamini-Zuma
Cogta Minister Nkosazana Dlamini-Zuma

No quick fixes for economy – Ramaphosa   

By: Sane Dhlamini     22nd June 2020 President Cyril Ramaphosa warned on Monday that there would be no quick fixes for the economy as government gears up to launch its Sustainable Infrastructure Development Symposium on Tuesday. The Sidssa is organised by the Investment and Infrastructure Office within The Presidency and it is... 

No quick fixes for economy – Ramaphosa
President Cyril Ramaphosa

South Africa rand weaker as budget risk raises second wave Covid-19 fears

By: Reuters     22nd June 2020 South Africa's rand weakened early on Monday, reflecting the gloom in global markets as fears of a second wave of coronavirus infections around the world increased investor jitters ahead of a local emergency budget later this week. At 0700 GMT the rand was 0.49% weaker at 17.4050 per dollar from... 

South Africa rand weaker as budget risk raises second wave Covid-19 fears

Deloitte discusses funding options ahead of Mboweni’s special adjustment budget

By: Simone Liedtke     18th June 2020 With the coronavirus, or Covid-19, pandemic having forced every South African to “radically reassess any plans he or she may have had for 2020”, no one has had to do so more than Finance Minister Tito Mboweni with regard to the national budget. Originally tabled on February 26, Mboweni and his... 

Deloitte discusses funding options ahead of Mboweni’s special adjustment budget
Photo by Creamer Media's Donna Slater
Finance Minister Tito Mboweni

Labour department starts auditing UIF payments to ensure compliance 

By: Donna Slater     15th June 2020 Employment and Labour Minister Thulas Nxesi reports that, during the second week of June, the Unemployment Insurance Fund (UIF) appointed auditors to investigate whether money paid to employers, to help bridge employees salary deficits during the Covid-19 pandemic, is being paid in full to... 

Mavuso laments all-time low in business confidence

By: Donna Slater     15th June 2020 Business Leadership South Africa (BLSA) CEO Busi Mavuso says business confidence in South Africa is destroyed. In a weekly newsletter, she points out that the latest Rand Merchant Bank/Bureau of Economic Research business confidence index shows that 95% of businesses are dissatisfied with... 

Investment summit to go virtual

By: Donna Slater     10th June 2020 In the wake of the Covid-19 pandemic and the forced cancelation of mass gatherings, the South African Innovation Summit (SAIS) will be presented in a new and virtual way this year, with the first ever digital SA Innovation Summit due to be held from September 30 to October 1. The SAIS is a major... 

Transnet reopens Pretoria freight line

By: Simone Liedtke     8th June 2020 State-owned Transnet has reopened its freight line from the Pretoria complex to Pyramid station, following years of closure owing to challenges with cable theft and sabotage. The line has been out of operation since August 2014 owing to the theft of signaling equipment and overhead track... 

Solidarity Fund flies in essential PPE for frontline healthcare workers

By: Donna Slater     8th June 2020 The Solidarity Fund has taken delivery of a consignment of personal protective equipment (PPE) as part of its health and humanitarian intervention to provide much-needed PPE for frontline healthworkers. The consignment, received on June 6, includes gowns and N95 respirator masks, and takes the... 

Ramaphosa tables support for 2yr debt standstill for African countries

By: Donna Slater     29th May 2020 Addressing members of the African Union (AU) on development financing for developing countries in the era of Covid-19, chairperson and South African President Cyril Ramaphosa said Africa was encouraged by the collaboration of the Group of 20 economies, the Bretton Woods institutions and the... 

BBC, Treasury discuss how to enhance impact of R200bn loan guarantee scheme

By: Donna Slater     29th May 2020 Black professional, business associations and chambers confederation, the Black Business Council (BBC), led by its president Sandile Zungu, and the National Treasury, led by the Deputy Finance Minister Dr David Masondo, met recently to consider ways to enhance the R200-billion loan guarantee... 

Africa's debt burden to rise from Covid-19 capital disinvestments

By: Donna Slater     28th May 2020 As a result of the economic impact of Covid-19, there have been significant outflows of capital from emerging markets, many in Africa, thus far this year, as risk appetite weakens significantly and capital is redirected into safe haven assets, like gold, reports insurance company Alexander Forbes... 

Reserve Bank running out of space to keep lowering interest rates – Kganyago 

By: News24Wire      25th May 2020 The South African Reserve Bank has slashed the repo rate by 275 basis points this year to provide relief to indebted consumers and businesses as they navigate the economic shock of the coronavirus pandemic. But the central bank is slowly running out of space to further lower interest rates in... 

 Reserve Bank running out of space to keep lowering interest rates – Kganyago
SARB Governor Lesetja Kganyago

Household wealth takes R830bn knock quarter-on-quarter

By: Marleny Arnoldi     25th May 2020 A new study by insurance provider Momentum and the University of South Africa has found that households’ real net wealth had decreased by about R828-billion from the fourth quarter of last year to the first quarter of this year. Momentum economist Johann van Tonder says this estimated real... 

Household wealth takes R830bn knock quarter-on-quarter

Pandemic heightens existing construction sector woes

By: Mamaili Mamaila     22nd May 2020 Challenges in the construction sector will continue to prevail if construction sites remain closed, owing to South Africa’s national lockdown, says Association of South African Quantity Surveyors (ASAQS) president Christelle Bown. 

Pandemic heightens existing construction sector woes
CHRISTELLE BOWN It is important to address the difficulties caused by the onerous conditions prescribed when tendering for professional services

L2D says pandemic impacting on occupancy rates

By: Simone Liedtke     20th May 2020 Rental income for real estate investment trust (Reit) Liberty 2 Degrees (L2D) for the quarter ended March 31 has been largely in line with expectations, but Covid-19-related restrictions started to impact on the hotel operations’ occupancy rates in March. In addition, there were also some delays... 

Tips launches Covid-19 weekly monitor

By: Donna Slater     15th May 2020 To assist individuals, economic stakeholders and policy makers in managing the Covid-19-related risks of re-opening the South African economy, the Trade and Industrial Policy Strategies (Tips) is launching a weekly monitor to track the spread of Covid-19 and its impact on the economy. To be... 

Mboweni, Reserve Bank kick off loan guarantee scheme to save banks, consumers 

By: News24Wire      12th May 2020 A multi-billion loan guarantee scheme announced by President Cyril Ramaphosa last month is set to begin operating from Tuesday, with the assistance of the country’s major banks, including FNB, Investec, Standard Bank and Absa. According to a joint statement issued by National Treasury, The South... 

 Mboweni, Reserve Bank kick off loan guarantee scheme to save banks, consumers

Even developed economies will take time to recover from Covid-19 impact

By: Marleny Arnoldi     8th May 2020 Asset manager Investec says a meaningful recovery from recession internationally and locally will depend on the rapidity of exit from lockdown restrictions, broad-based support measures and a substantial easing in red tape where it is prevalent. An economic consensus forecast done by the... 

Africa50 aids Covid-19 fight in three phases

By: Marleny Arnoldi     5th May 2020 Infrastructure investment platform Africa50 has granted $300 000 to the Africa Centres for Disease Control and Prevention (Africa CDC) for it to buy test kits and other medical equipment, as well as to mobilise frontline responders. Africa50 also provided $500 000 to fund other targeted... 

SA takes joint first place in 2019 open budget survey

By: African News Agency      5th May 2020 South Africa has once again come joint first with New Zealand in the 2019 Open Budget Index conducted by the International Budget Partnership through an Open Budget Survey. The win is in recognition of the country’s commitment to a transparent budget process. This is a repeat of the result from... 

 SA takes joint first place in 2019 open budget survey

Government provides detail on economic measures in response to Covid-19

By: Simone Liedtke     30th April 2020 The Covid-19 pandemic has led to a severe global economic crisis, the extent and duration of which is still uncertain. With South Africa’s economic models not being well-suited to assess a global pandemic, and with conditions changing rapidly, the South African government has lamented that the... 

Productivity SA proposes economic recovery plan

By: Donna Slater     29th April 2020 Employment growth and productivity promotion agency Productivity SA has drawn up a document to potentially address economic shortcomings brought about by the spread of Covid-19 and economic disruptions resulting from the national lockdown. Productivity SA chairperson Professor Mthunzi Mdwaba... 

Gold likely to rise as global Covid-19 restrictions start to ease

By: Donna Slater     24th April 2020 Financial services company INTL FCStone Europe, the Middle East, Africa and Asia market analysis head Rhona O’Connell says the majority of precious metals have moved into uncertain territory, with future trends difficult to predict as Covid-19 disrupts international buying and selling markets.... 

Solidarity Fund raises R2.6bn  

By: Sane Dhlamini     23rd April 2020 Government’s pro bono organisation, the Solidarity Fund on Thursday expressed gratitude to all those who have so far donated to the fund, which has received R2.6-billion in pledges to respond to the novel coronavirus pandemic. The mandate of fund is to mobilise and coordinate financial and... 

Solidarity Fund raises R2.6bn

Solidarity Fund focuses efforts on supply of healthcare equipment, food parcels  

By: Marleny Arnoldi     23rd April 2020 The Solidarity Fund has received pledges totalling R2.6-billion up to April 23, with R1.1-billion designated for healthcare-related efforts. The Solidarity Fund is a special purpose vehicle set up on March 23 to help government and civil society fund South Africa’s response to the Covid-19... 

Long-term growth thinking, planning critical now for banks and public sector

By: Marleny Arnoldi     23rd April 2020 University of Stellenbosch Business School (USB) says South Africa will not see a sharp and quick economic bounce back that many are hoping for, but will rather see a 12- to 24-month gradual recovery with the added complexity of managing a rebuild and growth plan that, in turn, spans up to eight... 

Corruption Watch calls for tighter measures to reduce corruption amid lockdown 

By: Thabi Madiba     23rd April 2020 Nonprofit organisation Corruption Watch has welcomed President Cyril Ramaphosa’s R500-billion economic and social support package, however, it is urging government to implement measures to reduce opportunities for corruption during the fight against the coronavirus pandemic. Ramaphosa revealed... 

Corruption Watch calls for tighter measures to reduce corruption amid lockdown
Corruption Watch director David Lewis

UCT sets up dedicated Covid-19 emergency fund

By: Marleny Arnoldi     22nd April 2020 The University of Cape Town (UCT) has set up a Coronavirus Disease 2019 emergency fund to assist in the fight against the virus and its impact on the UCT community. The university has urged members of the UCT community to rally behind the fight against the pandemic by making contributions to... 

Chief executives report degradation in economic outlooks as Covid-19 crisis deepens

By: Donna Slater     22nd April 2020 Nonprofit international leadership community organisation YPO’s latest international Covid-19 survey has found that 84% of the 3 534 respondents are more negative about the outlook for the months ahead than they were on March 1. YPO conducted its first Covid-19 survey from March 10 to 13,... 

DA commends Ramaphosa for approaching IMF, World Bank to fund part of relief package 

By: Sane Dhlamini     22nd April 2020 Democratic Alliance interim leader John Steenhuisen has welcomed President’s Cyril Ramaphosa’s announcement of the R500-billion Economic and Social Relief Package and has further applauded the President for approaching the International Monetary Fund and the World Bank for funds. During a virtual... 

DA commends Ramaphosa for approaching IMF, World Bank to fund part of relief package
DA interim leader John Steenhuisen

AfDB’s Adesina urges African cooperation to fight Covid-19

By: Donna Slater     22nd April 2020 An accelerated global health and economic effort is needed to overcome the Covid-19 pandemic in Africa, African Development Bank (AfDB) president Akinwumi Adesina said in a webinar this week. While Covid-19 infection rates are relatively low compared with the rest of the world, there is a... 

JSE directors, CEO donate a third of salaries for three months to Solidarity Fund

By: Marleny Arnoldi     17th April 2020 The JSE has announced that its board of directors and group CEO have pledged to donate at least 30% of their salaries to the national Solidarity Fund for the next three months. This follows after the JSE donated its trading revenue for April 15 and 16 to the Solidarity fund.  

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