National Treasury cuts 2024 fiscal revenue estimate by R57bn

Reduced mining tax revenue and higher tax refunds were key reasons for the reduction in the forecast.

If you have been deep in study and exam mode for the past month, this is a good place to start so that you have a macro economic view of SA for the foreseeable future. 3min read

For the full budget (100 pages) in .pdf you can go here.

National Treasury: Government to close grey listing deficiencies by 2025

The government still has to address most of the 22 grey-listing deficiencies identified by the Financial Action Task Force (FATF) by early 2025, according to Minister of Finance Enoch Godongwana during his Medium Term Budget Policy Statement (MTBPS) speech.

1min read

Higher for longer, but no more hikes

Lesetja Kganyago, Governor of the SA Reserve Bank (SARB), was exceptionally dovish at today’s Monetary Policy Committee (MPC) meeting, especially relative to his usual stance and relative to October’s CPI which came in at 5.9% year-on-year (y/y) relative to expectations of 5.6%.

3min read

Kenya’s stock market has suffered steepest losses in the world: an expert view on why and how to reverse it

Kenya’s stock market recently suffered steep losses, making it the worst performing globally. The weak performance has persisted: the Nairobi Securities Exchange 20-share index stood at about 1420 on 10 November 2023, having fallen from 1509 on 29 September 2023, a drop of 6% over the six-week period. In better days, the index has risen above the psychological 5000 mark: for example, it was 5491 on 23 February 2015.

This article has value for South Africans because the principles are universal. The message is sometimes clearer when it is not as close to home. 4min read

Allianz and Dutch Development Bank Back $1.1 Billion Sustainable Loans Fund

Allianz Global Investors and Dutch development bank FMO have agreed one of the largest “blended finance” funds on record, raising $1.1 billion to invest in loans that help emerging and frontier countries meet sustainable development targets.

Read more about “blended finance” in this case and consider reading the article below on the IFC. 3min read

Projects funded by the World Bank Group’s private sector arm fuel violent conflict – it’s time to reform the system

To what extent does private investment help developing countries to reduce conflict and violence and to achieve the Sustainable Development Goals?

This is a hotly debated issue. Most international institutions such as the World Bank Group take the stance that the problem is not enough private investment. So, they mobilise public resources to subsidise and protect private sector actors with the goal of greatly increasing foreign direct investment.

3.5min read

Poor Countries Are Missing Out on Pre-Arranged Climate Disaster Finance: Study

The poorest and most vulnerable countries do not benefit enough from pre-arranged financing (PAF) to cope with disasters and are most exposed to the losses and damage caused by climate change, the London-based Centre for Disaster Protection said on Thursday.

2min read

Update – Economic Threats Top List of G20 Business Leaders’ Concerns: WEF Survey

The survey gathered the views of more than 11,000 business leaders from over 110 countries between April and August 2023. (The survey excludes the G20 members China and Russia.)

2.5min read

As reported by the WEF Survey:

“Economic and societal concerns – including stagnant growth, the erosion of social cohesion and wellbeing, and increasing levels of national debt – are front of mind for businesses, according to the World Economic Forum’s 2023 Executive Opinion Survey (EOS).”

Read more here