South Africa's President Cyril Ramaphosa pledged on Thursday to speed up 23...
CAPE TOWN - South Africa’s President Cyril Ramaphosa pledged on Thursday to speed up 230 billion rand of support for ailing power utility Eskom, which he said was too vital to be allowed to fail.
National Treasury Director-General Dondo Mogajane told Reuters the government hopes parliament will approve the bill before the end of August. “We need to focus on those actions that will have the greatest impact,” he said in the speech. “Our economy is not growing. Not enough jobs are being created. This is the concern that rises above all others”.
Fixing Eskom and other loss-making state-owned firms such as South African Airways is seen as critical to shoring up confidence among the investors South Africa relies on to finance its current account and budget deficits — the latter is projected to rise to 4.5% of GDP this fiscal year.
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.
Is South Africa edging out Turkey as the big EM short?Move over Turkey and Argentina, emerging markets investors have another country ...
Read more »
Post Malone Feeds Giraffe, Pets Cheetah in South AfricaPost Malone couldn't look more ecstatic visiting a South Africa safari park.
Read more »
Santana's 'Africa Speaks' Debuts at No. 1 On Top Latin Albums ChartSantana crowns the Top Latin Albums chart as the band returns with Africa Speaks, its 25th studio album, which debuts at No. 1 on the June 22-dated chart.
Read more »
Swine fever is spreading from China to South-East AsiaPigs have already succumbed to the disease in Vietnam and Cambodia. Thailand fears it could be next
Read more »
African swine fever spreads to South-East AsiaIt will be just as hard to stop there as it has been in China
Read more »
Two people dead, three wounded in two shootings near South L.A.The two incidents occurred close to each other Wednesday night in the unincorporated area of Athens, authorities said.
Read more »