Pensioners will be hit in the pocket as markets react negatively to claims of an SA arms delivery to Moscow
The allegations of an arms delivery to Russia — factual or not — are catastrophic for pensioners.
It is incomprehensible that the hawks who dictate government policy do not understand the primary principle in foreign relations: a country does not have friends, only interests. The allegations of a weapons delivery, plus the Russian maritime exercises, the landing of a Russian aircraft and all the pro-Moscow resolutions and statements, are set against our microscopic economic relationship with Russia, which accounts for less than 0.5% of our international trade. South Africa has no interest in a relationship with Russia, only a historical ideological link.
In contrast, South Africa enjoys a preferential customs arrangement with the US which facilitates the export of about 5,000 products to the value of R177.9bn — 7.5% of our exports. This sustains 66,000 direct jobs. South Africa has a huge interest in maintaining good relations with the US, even if the well-fed hawks dislike it.The weapons delivery allegation triggered a major offload of South African shares. Pension growth is dependent on share growth, which is now at risk.
The sad reality for state pensioners is that in 2023 we received an increase of just 75% of the inflation rate; we should not expect better next year. For that we should thank the mismanagement of our international relations.The FM welcomes concise letters from readers. They can be sent to
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