Simon Harvey, a foreign exchange analyst at Monex Europe, said the impact on government debt limited by increasing tax revenues made the outcome from Moody’s less certain than initially thought.
Credit ratings agency Moody’s have released their reaction to the budget speech which took place on Wednesday, and it does not bode well for Mzansi.
Mogajane is holding an aloe that Mboweni said was an iconic plant, ‘resilient, sturdy and drought resistant’, adding that the country must take the bitter with the sweet to return to ‘plum times’.
JOHANNESBURG - The rand traded slightly weaker on Thursday, a day after the Finance Minister announced a partial bailout for ailing power utility Eskom in an annual budget reflecting sluggish growth while deficits and debt widened.
Finance minister Tito Mboweni has delivered his 2019 budget speech, showing that South Africa has run out of room to manoeuvre – forcing the government to make tough decisions.
CAPE TOWN – South Africa's Finance Minister, Tito Mboweni, painted a fairly gloomy outlook for the economy on Wednesday, predicting slower growth after a technical recession last year and singling out state firms such as power utility Eskom as ser...
South Africa's Finance Minister Tito Mboweni announced Wednesday a $1.6 billion-a-year bailout for the country's electricity utility in a bid to stave off further downgrades to Pretoria's credit rating as he unveiled a new budget.
Ramaphosa, who is fighting rifts within his own party ahead of the parliamentary election, has made reforming Eskom one of his top priorities as its 420 billion rand debt pile poses a direct threat to Africa’s most developed economy.
“We must prune and pluck away at the rot until there is growth,” said Mboweni, brandishing a South African bitter aloe plant in the parliament chamber in Cape Town to illustrate his point.
CAPE TOWN (Reuters) - A rescue package for Eskom, South Africa’s most important state firm, is expected to dominate Finance Minister Tito Mboweni’s budget speech on Wednesday, with the struggling power utility at risk of collapse without a large b...