Finance Minister Enoch Godongwana says the rand's sharp depreciation and the greylisting are major problems.
SA-US relations | Rand still recovering from explosive allegations
"The rand has got serious implications on our borrowing cost, also the implication that we do not know what the Reserve Bank will do in order to deal with that question -- they might raise interest rates," he said. "It may affect us in two ways: First, in our gross borrowing numbers may increase, secondly our debt servicing costs may also increase. All of those things are material if the rand continues to be where it is."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Difficult trade-offs’ coming to keep South Africa afloatFinance minister Enoch Godongwana has provided a bleak update on the national budget.
Read more »
SA did not sell any arms to Russia, says GodongwanaThe Minister of Finance said Treasury took the matter up in January following claims made by the US’ treasury secretary but found that no sale of weapons to Russia was approved.
Read more »
US won’t sanction South Africa over weapons row: GodongwanaSouth Africa has resolved the row with the US over allegations that Pretoria supplied weapons to Russia and it’s unlikely to face any repercussions, says finance minister Enoch Godongwana.
Read more »
Furore with US is over and relationship is cordial, Godongwana saysRecovery in the rand and bonds will depend on whether investors are comforted that the issue has been resolved, Enoch Godongwana says
Read more »
Godongwana says wage hikes paint state in fiscal cornerHigher public sector wage bill and rising borrowing costs have put pressure on the budget
Read more »
Government allocates R265 million to get South Africa off greylist - Godongwana | The CitizenGodongwana says the government's efforts to get the country off the greylisting 'are well underway'. 🏛️Parliament
Read more »