
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-820x573.jpg" alt="" class="wp-image-458452" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/NEPKJJCZ6JMDDNTX4MOGZ42NFI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana speaks during his medium-term budget policy statement in Cape Town, South Africa, November 1, 2023. REUTERS/Esa Alexander</figcaption></figure>



<p>South Africa&#8217;s Finance Minister Enoch Godongwana announced the drawdown of R150 billion from the country’s Gold and Foreign Exchange Contingency Reserve (GFECRA) account over the next three years saying the money will help keep borrowing and debt service costs low.</p>



<p>Godongwana told parliament debt levels were unsustainably high at a time when the economy was facing lack-lustre growth because of power shortages, logistics bottlenecks and a general mismanagement of public funds.</p>



<p>The GFECRA, which is held by the South African Reserve Bank, captures losses and profits on foreign currency reserves, which helps reduce currency volatility. The reserves are currently valued at over R500 billion rand as the rand trades near its lowest levels against the dollar.</p>



<p>Godongwana said dipping into the reserves was a mid-term solution that helps lower the gross borrowing requirement from R553.1 billion in the current fiscal year to R428.5 billion by the 2026/27 fiscal year.</p>



<p>He cut his growth forecast for 2023 to 0.6 percent but forecast an acceleration to an average of 1.6 percent from now till 2026.</p>



<p>&#8220;The growth outlook is supported by the expected easing of power cuts as new energy projects begin production, and as lower inflation supports household consumption and credit extension,&#8221; he said.</p>



<p>Godongwana also announced he is committing R943.8 billion in total infrastructure funding over the next three years to mitigate the country&#8217;s&nbsp; energy supply and logistics failures.</p>



<p>Transnet, in particular, has been granted a new guarantee of R47 billion, he said, with R22.8bn available for immediate use. Godongwana says the guarantee is mainly to address persistent challenges relating to liquidity and supply chain backlogs.</p>



<p>Compared to a year ago, the country&#8217;s budget deficit for 2023/24 is projected to have worsened to 4.9 per cent of GDP, better than analysts&#8217; projections of a 5% deficit.</p>


South Africa issues medium-term budget policy statement

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CNBC Africa

South Africa dips into emergency reserves as fiscal space vanishes

Post-Budget Analysis & Reactions: SA Minister Enoch Godongwana’s Budget 2024

Access: Investors shift focus to ₦265.5bn T-bills auction

UK-Rwanda Business Forum: British Investment Partnership Offer

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Africa Business Forum 2024: Reimagining Africa’s Tech & STEM Future

AfDB: Africa’s 2024 Macroeconomic Performance & Outlook Report

What to expect at the 9th FORBES WOMAN AFRICA Leading Women Summit

Banks drive Nigerian equities gain

All eyes on Monday’s ₦2.5trn bond auction

Investors focus on Monday bond auction

Rwanda 2024 Investment Outlook: Focus On Priority Sectors

Strengthening Economic Ties: Highlights from the Rwanda-Poland Business Forum

Beyond the shores: Rwandan businesses & investors

ARM: Buy interest in Airtel Africa, BUA Foods drive equities market gains

UBA: Improved offers seen on mid to long end of bond curve

Access: Investors cherry pick high yielding instruments

News Tips

Advertise With Us

CNBC Africa

South Africa dips into emergency reserves as fiscal space vanishes

Post-Budget Analysis & Reactions: SA Minister Enoch Godongwana’s Budget 2024

Access: Investors shift focus to ₦265.5bn T-bills auction

UK-Rwanda Business Forum: British Investment Partnership Offer

Saving lives and saving livelihoods initiative: Tanzania’s vaccination story

Africa Business Forum 2024: Reimagining Africa’s Tech & STEM Future

AfDB: Africa’s 2024 Macroeconomic Performance & Outlook Report

What to expect at the 9th FORBES WOMAN AFRICA Leading Women Summit

Banks drive Nigerian equities gain

All eyes on Monday’s ₦2.5trn bond auction

Investors focus on Monday bond auction

Rwanda 2024 Investment Outlook: Focus On Priority Sectors

Strengthening Economic Ties: Highlights from the Rwanda-Poland Business Forum

Beyond the shores: Rwandan businesses & investors

ARM: Buy interest in Airtel Africa, BUA Foods drive equities market gains

UBA: Improved offers seen on mid to long end of bond curve

Access: Investors cherry pick high yielding instruments

News Tips

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