South Africa’s downgrade One investment grade remains, which is enough… for now On the 24th of November 2017, Standard & Poor’s downgraded South Africa’s government debt denominated in local currency to sub-investment grade, and debt denominated in foreign currency to BB from BB+.
South African Budget Speech 2017 On 22 February 2017, the South African government’s budget for the fiscal year 2017/2018 was presented by Pravin Gordhan, Minister of Finance and the framework for the next three years was defined.
“We must continue to market the country as a preferred destination for investments.” In his State of the Nation Address 2016, President Zuma did not only give an overview on his administration’s past policies, but also on his plans to pave the way for South Africa to return to economical prosperity in the future. Hence, the speech bears importance to all foreign nationals willing to invest or do business in South Africa, which can hardly be underestimated. picture source: www.sacommercialpropnews.co.za “If there are any disagreements or problems between us, we should solve them before they escalate.” Nevertheless, the address was embedded in turmoil when members of the EFF and other members of the opposition repeatedly interrupted the delivery of his speech and eventually walked out on Zuma in protest. This is due to the fact that Zuma faces a variety of allegations of which some even stem from a time before he took office as President of South Africa in 2009. The most recent accusation in that long list questions his very competence as President and casts a shadow on his ability to bring stability to the country: […]
At a meeting held in Shanghai on the 21st July 2015, officials from the world’s largest emerging nations launched the New Development Bank, NDB, also known as the BRICS Bank. picture source: pakistantoday.com.pk The NDB is the second of two new policy banks heavily backed by China, which are to be alternatives to existing institutions such as the World Bank. The NDB or BRICS Bank follows soon after the establishment of the also China-led Asian Investment Infrastructure Bank (AIIB). The new bank aims on funding infrastructure and development projects in the BRICS countries – Brazil, Russia, India, China and South Africa. Disagreements over the bank’s funding, management and headquarters had slowed it launch, which was proposed in 2012 and concluded in 2015. […]