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Budget News

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... →

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 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 Shomolekae 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 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 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. →

iiDENTIFii contributes to Bill and Melinda Gates Foundation, Solidarity Fund

By: Donna Slater 16th April 2020 Identity verification specialists iiDENTIFii says it will financially contribute to the Combatting Covid-19 Fund, launched by the Bill and Melinda Gates Foundation, thereby helping to ease the burden on the less fortunate. The company also donated to this foundation to help it find a medical... →

Adcock Ingram executive directors contribute to Solidarity Fund

By: Donna Slater 16th April 2020 Executive directors and senior managers of pharmaceutical company Adcock Ingram will follow in the footsteps of President Cyril Ramaphosa and his Cabinet and donate a portion of their salaries for the next three months to the Solidarity Fund. Adcock Ingram CEO Andy Hall urges individuals and... →

Govt to finalise post-Covid-19 economic recovery plan, SAA resolution by April 20

By: Marleny Arnoldi 16th April 2020 The South African government plans to finalise, by April 20, its post-Covid-19 economic recovery plan, as well as a resolution on South African Airways (SAA). The Cabinet on April 15 hosted a virtual special Cabinet meeting to discuss the socioeconomic recovery plan once the Covid-19 lockdown... →

AfDB creates $10bn Covid-19 response facility

By: Marleny Arnoldi 9th April 2020 The African Development Bank (AfDB) on April 8 announced a Covid-19 response facility worth $10-billion to assist regional member countries in fighting the pandemic. The facility is the latest measure taken by the bank to respond to the global crisis and will be the primary channel for the... →

Research reveals gap in Covid-19 funding for businesses in townships

By: Donna Slater 7th April 2020 The Covid-19 pandemic and the current lockdown are already having a devastating impact on South Africa’s economy, with informal and small businesses in townships likely to feel the brunt of the impact. A study by postgraduate students at the University of Cape Town (UCT) and entrepreneurs from... →

Unemployment beneficiaries wait while Nedlac discussions progress

By: Donna Slater 7th April 2020 Many employers are waiting for greater clarity regarding unemployment benefits for their staff that have been temporarily laid off during the national lockdown, which is enforced from March 27 to April 16 to curb the spread of Covid-19, according to business law firm Cliffe Dekker Hofmeyr (CDH).... →

Gillian Lumb

Unctad says Covid-19 implications go as far as intl investment agreements

By: Marleny Arnoldi 7th April 2020 New data from intergovernmental body, the United Nations Conference on Trade and Development’s (Unctad’s) investment policy monitor shows that investment policy responses to the Covid-19 pandemic vary from country to country. The responses include measures supporting investors and domestic... →

Standard Chartered to launch $50m global fund for Covid-19 relief

By: Marleny Arnoldi 3rd April 2020 International banking group Standard Chartered has launched a $50-million global fund to provide assistance to those affected by the Covid-19 pandemic. Half of the funding will immediately be deployed for relief in the group’s most affected markets, while the balance will help communities over... →

New tech needs consulting engineers buy-in

By: Darren Parker 3rd April 2020 Construction connection technology company Peikko is working to raise awareness among consulting engineers in South Africa of the potential that its bolted column connection technology and associated solutions could have to transform the construction industry. The Finnish company entered the... →

BUILDING TRUST Peikko's technology has been adopted to some success in a few projects since entering the country

Local project scarcity causes loss of top-class engineers

By: Darren Parker 3rd April 2020 The scarcity of public-sector projects is leading to massive retrenchments and the loss of South Africa’s world-class consulting engineers to foreign markets, says law firm LNP Attorneys CE Nikita Lalla. “Insufficient project implementation is causing the engineering and construction sector... →

NIKITA LALLA There is an abundance of talking without timeous, practical implementation

AfDB leading the Covid-19 fight with financing in Africa

By: Marleny Arnoldi 2nd April 2020 The African Development Bank (AfDB) on April 1 approved $2-million in emergency assistance for the World Health Organisation (WHO). This will help reinforce the organisation’s capacity to help African countries contain the Covid-19 pandemic and mitigate its impacts. →

IMF to consider Senegal's $221m emergency funding request

By: Marleny Arnoldi 2nd April 2020 The International Monetary Fund (IMF) has completed discussions with Senegal, following its request that the IMF disburse $221-million in emergency funding. Senegal requested the funds to help address the economic challenges posed by the spread of Covid-19 in the country. →

Santam commits R200m to assist clients, suppliers and for the Solidarity Fund

By: Donna Slater 1st April 2020 Financial services provider and general insurer, Santam Group, has committed R200-million in Covid-19 relief to help clients and suppliers and to contribute to the government’s Solidarity Fund. Santam Group will also contribute to flattening the Covid-19 curve through additional corporate social... →

Treasury mum on upcoming Moody's decision – but says SA is still within budget

By: News24Wire 24th March 2020 While National Treasury cannot yet comment on Moody's rating decision, expected this week, Director General Dondo Mogajane says that for now, Treasury is still acting within its means in addressing the impact of the Covid-19 outbreak. Mogajane was on Tuesday speaking at a briefing in Pretoria,... →

Photo by Creamer Media
Treasury DG Dondo Mogajane

Monetary Policy Committee does more harm than good, academics argue

By: Marleny Arnoldi 17th March 2020 Gordon Institute of Business Science economics lecturer Dr Roelof Botha says hawkish monetary policy has curtailed South Africa’s gross domestic product (GDP) growth by R560-billion. He explains in a statement that, for the past five years, South Africa’s economy has increasingly been suffering... →

PwC says economic impact of Covid-19 warrants interest rate cut

By: Marleny Arnoldi 17th March 2020 The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) has started gathering for its bi-monthly meeting from March 17 to 19. This after the MPC was pressured to meet earlier at the beginning of March, owing to the fallout from the coronavirus outbreak. At the time, SARB... →

Economy will be severely impacted by coronavirus - Ramaphosa

By: News24Wire 16th March 2020 With South Africa's economy already feeling the pinch of the Covid-19 pandemic, President Cyril Ramaphosa has announced that government is on the verge of finalising a comprehensive package of interventions to mitigate the expected impact. The president announced this in an address to the nation... →

National nonrevenue water programme in development

By: Darren Parker 13th March 2020 The State-owned Development Bank of Southern Africa (DBSA) is spearheading a programme targeting the creation of a centralised national office to tackle non-revenue water projects for municipalities while seeking innovative funding solutions. DBSA product development specialist Johann Lübbe and... →

IN THE PIPELINE The national non-revenue water central office and programme should be fully operational by the end of 2021

Western Cape prioritises safety in 2020 budget, trims staff expenses

By: Marleny Arnoldi 10th March 2020 Safety has been prioritised by the Western Cape in its 2020 budget, with R4-billion allocated for this purpose in the medium term. Specifically, R1.1-billion will be used over the medium term to deploy more law enforcement officers to fight crime in the province. →

Western Cape Finance and Economic Opportunities Minister David Maynier

Big Five coins to promote platinum investment in South Africa

By: Marleny Arnoldi 9th March 2020 Prestige Bullion, a joint venture between the South African Mint and precious metals smelter Rand Refinery, will produce a new range of platinum coins, suited to retail investors, this year. This marks Prestige Bullion’s first entry into the platinum bullion market. →

The Big Five range coin marks Prestige Bullion's first entry into the platinum bullion market

Africa records low equity capital market activity for 2019

By: Marleny Arnoldi 5th March 2020 African equity capital market (ECM) activity declined sharply in 2019 both in volume, by 29%, and value, by 44%, compared with 2018. Professional services firm PwC on Thursday reported in its ‘African Capital Markets Watch’ publication that 2019 had seen the lowest ECM proceeds in the last ten... →

Attacq lifts interim dividend despite ‘extremely negative’ environment

By: Simone Liedtke 3rd March 2020 Real estate investment trust (Reit) Attacq on Tuesday announced an 11.1% increase to its interim dividend to 45c a share, which positions the group to deliver at the upper end of its full-year guidance of between 8% and 10% growth in dividends. Building on this positive performance within an... →

BLSA commends govt’s efforts to curb expenditure, spur growth

By: Marleny Arnoldi 2nd March 2020 With what it believes was the most difficult National Budget since the dawn of democracy in South Africa, business organisation Business Leadership South Africa (BLSA) says Finance Minister Tito Mboweni last week delivered substance over bluster, which the private sector has been crying out for.... →

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