A diplomatic row between the US and South Africa that’s sent the rand to its weakest level on record against the dollar may quash Pretoria’s record of outperforming International Monetary Fund expectations for key budget metrics. Moneyweb Currency
A diplomatic row between the US and South Africa that’s sent the rand to its weakest level on record against the dollar may quash Pretoria’s record of outperforming International Monetary Fund expectations for key budget metrics. Years after fiscal buffers were eroded by an era of government graft and bailouts for dysfunctional state-owned companies, the National Treasury’s resolve to stabilise public finances led to significant improvements in state debt and budget deficits.
The report will come as severe power outages undermine the country’s economic growth prospects and add to the cost of doing business amid the country’s most aggressive interest-rate hiking cycle in at least two decades. It will also follow American allegations that Pretoria supplied weapons to Russia, which rattled traders concerned that the US could punish South Africa, and have weighed on the rand and government bonds.
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