Africa ETF News
South Africa projects wider deficits and rising debt despite improved growth
October 31, 2024--South Africa's government forecasted higher budget deficits and debt for the next three years, even as improved electricity supply suggests better growth prospects. In its first budget review since forming a coalition,the National Treasury projected a 5.0% deficit of national output for the fiscal year ending in March 2025, up from the 4.5% previously forecast. |
| For the next fiscal year, the deficit is expected to be 4.3% of GDP,compared to the earlier 3.7% estimate. The rand weakened following these announcements. Revenue collection is under pressure due to declines in fuel and import taxes, and Finance Minister Enoch Godongwana emphasized the need for tough fiscal decisions in light of limited growth. |
| Source: africanews.com |
BRICS: African leaders call for reforms of international institutionsOctober 23, 2024--African leaders attending the summit of BRICS nations currently underway in Russia, spoke out on Wednesday about what they see as important issues on the international stage. |