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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="543" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/3QGF73WMKNLYRANMZD3IX5VW3A-820x543.jpg" alt="" class="wp-image-494654" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/3QGF73WMKNLYRANMZD3IX5VW3A-820x543.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/3QGF73WMKNLYRANMZD3IX5VW3A-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/3QGF73WMKNLYRANMZD3IX5VW3A-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/3QGF73WMKNLYRANMZD3IX5VW3A-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/3QGF73WMKNLYRANMZD3IX5VW3A-1536x1017.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/3QGF73WMKNLYRANMZD3IX5VW3A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Members of the ANC attend the National Executive Committee (NEC) meeting, looking at options to form a new South African government, its Secretary-General Fikile Mbalula said in Boksburg, in the East of Johannesburg, South Africa, June 6, 2024. REUTERS/Siphiwe Sibeko/ File Photo</figcaption></figure>



JOHANNESBURG, June 7 (Reuters)&nbsp;&#8211;&nbsp;South African opposition parties said on Friday they were waiting for more details on a proposal by the African National Congress to form a government of national unity after it lost its majority for the first time in the democratic era.



The former anti-apartheid liberation movement once led by Nelson Mandela has run South Africa since 1994. But voters, angered by years of economic stagnation, high unemployment and corruption, punished it at the ballot box on May 29.



It remains the biggest party. But the lack of an outright majority means it must now share power &#8211; and President Cyril Ramaphosa said on Thursday the ANC leadership had decided that a broad collaboration was the best way forward for South Africa.



The Democratic Alliance (DA), the largest opposition party, said it was open to talks and was &#8220;committed to the process&#8221;.



&#8220;But the broad invitation to all parties &#8230; rather than limiting it to parties committed to our current constitutional dispensation, the rule of law and a social-market economy, has undoubtedly complicated matters,&#8221; spokesperson Werner Horn said.



&#8220;Our negotiation team will &#8230; have further meetings with other parties to listen to their views and reaction,&#8221; Horn added.



The ANC will have 159 of the 400 seats in the new National Assembly. Its nearest rivals are the pro-business, white-led DA, with 87 seats; the populist uMkhonto we Sizwe (MK) led by former President Jacob Zuma, with 58; and the hard-left Economic Freedom Fighters (EFF) with 39.



Ramaphosa said the ANC had already held constructive discussions with the EFF and DA, as well as with the smaller Inkatha Freedom Party (IFP), the National Freedom Party and the Patriotic Alliance.



Zuma&#8217;s MK said it expected to meet with the ANC soon.



During the election campaign, the DA had called any potential ANC tie-up with the EFF or MK a &#8220;doomsday coalition&#8221; that would tank the economy. Both smaller parties advocate nationalising mines and seizing land without compensation.



The EFF said it would not be part of a government involving the DA.



&#8220;We are not desperate for positions in government,&#8221; its deputy leader Floyd Shivambu told a press conference.



The socially conservative IFP, which has its power base among South Africa&#8217;s Zulu people, said it was not averse to the proposal of a national unity government.



&#8220;However, the devil is in the details, which will become clearer in the coming days,&#8221; it said in a statement.



The powerful COSATU trade union group, a major ANC ally, said it would engage with the ANC and another backer Communist Party in the coming days, including on the various &#8220;permutations and modalities&#8221; that would need to be in such a government.



The new parliament has to convene within two weeks of Sunday&#8217;s results declaration and one of its first acts must be to elect the president.



The constitutional deadline, which will fall on or near June 16, is putting pressure on the ANC and others to reach an agreement quickly.



(Additional reporting by Alexander Winning, Bhargav Acharya, Olivia Kumwenda-Mtambo and Siyabonga Sishi; Writing by Joe Bavier; Editing by Andrew Heavens)

South Africa’s ANC meets to decide on preferred partners to govern

South African parties await details of ANC unity government proposal

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="756" height="426" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Power-lines-Reuters.png" alt="" class="wp-image-494651" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Power-lines-Reuters.png 756w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Power-lines-Reuters-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Power-lines-Reuters-160x90.png 160w" sizes="auto, (max-width: 756px) 100vw, 756px" /></figure>



KAMPALA, June 7 (Reuters)&nbsp;&#8211;&nbsp;Uganda suffered a rare nationwide electricity blackout for several hours on Friday, its state-run power grid operator said, adding that electricity was gradually being restored late in the afternoon.



The grid shutdown happened during the testing a newly completed, Chinese-built $1.5 billion 600 megawatt hydropower plant on the Nile river in the country&#8217;s north, Uganda Electricity Transmission Company Limited (UETCL) said in a post on X platform.



&#8220;Uganda Electricity Transmission Company Limited informs the general public that a national blackout has been registered following a load rejection test at the Karuma hydro power plant,&#8221; the company posted on X on Friday.



In another post about two hours later, it said the grid had been restored partially.



Uganda has an installed power generation capacity of 2,000 MW, according to the energy ministry. It generates more power than it consumes and has been exploring the possibility of exporting the surplus to neighbours like South Sudan and Kenya.



(Reporting by Elias Biryabarema; Editing George Obulutsa, William Maclean)

Power-lines-Reuters

Uganda hit by nationwide blackout for several hours, grid operator says

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="566" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-820x566.jpg" alt="" class="wp-image-494648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-820x566.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-768x530.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-1536x1060.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6O6UNTB5OFO33C2TUIUM7RPBLY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sybil Esth, a Sierra Leonean migrant, repatriated from Algeria six months ago, looks on while holding her child in Agadez, Niger, April 23, 2024. REUTERS/Stringer</figcaption></figure>



NAIROBI, June 7 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s parliament has approved government spending of 4.00 trillion shillings ($31.01 billion) in the fiscal year that starts in July, up from the 3.75 trillion shillings it approved last June for the current fiscal year.



The finance ministry is due to present the final version of the budget next week, with slight variations expected to the proposed amount of spending.



&#8220;This house &#8230; will be approving a budget &#8230; of 4.006 trillion shillings,&#8221; Ndindi Nyoro, chairperson of parliament&#8217;s Budget and Appropriations Committee, said on Thursday ahead of the approval.



The 2024/25 budget will be presented alongside a highly contested piece of draft legislation, the Finance Bill 2024.



The bill proposes tax changes aimed at increasing revenue collection, but critics say it could cripple sectors ranging from financial services and manufacturing to retail.



President William Ruto defends the tax measures as necessary to curb the country&#8217;s reliance on borrowing and fund spending priorities.



($1 = 129.0000 Kenyan shillings)



(Reporting by George Obulutsa; Editing by Alexander Winning)

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="675" height="380" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1.png" alt="" class="wp-image-483480" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1.png 675w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1-160x90.png 160w" sizes="auto, (max-width: 675px) 100vw, 675px" /><figcaption class="wp-element-caption">Picture Alliance | Picture Alliance | Getty Images</figcaption></figure>



AI use is fast becoming the norm in the workplace, but some workers are still worried that they’ll receive flak if their colleagues find out.



AI firm Anthropic and work management platform Asana released their new 2024 State of AI at Work report on Wednesday, which surveyed 5,007 knowledge workers in the U.S. and U.K. about their view of AI adoption in the workplace. Knowledge workers can be roughly described as expert white-collar workers who use analytical skills.



It found that over a quarter of workers surveyed were concerned that they’d be perceived as “lazy” if they used AI at work. Another 23% said they were afraid of being labeled “frauds” for using AI at work.



And a third said they’re worried that AI will replace humans altogether.



This is partly because companies are not providing clear guidelines around AI use in the workplace, Rebecca Hinds, head of Asana’s Work Innovation Lab, told CNBC Make It in an interview.



“That’s where we start to see the fear of the perception of laziness, the fear of the perception of feeling like a fraud most significantly, because the organizational context is not conducive to facilitating an environment where people feel empowered to use AI,” Hinds said.



Overall, generative AI adoption in the workplace is up, both in the U.S. and the U.K., according to the survey.



In the U.S., 57% of workers are using generative AI tools weekly, a jump from 46% just nine months ago. In the U.K., 48% of workers are using generative AI tools weekly — compared with 29% nine months ago.



Around 60% of workers across the U.S. and U.K. expect to use generative AI even more in the coming six months.



The high adoption rate is largely because workers are seeing improved productivity with 69% reporting higher productivity gains as a result.



There’s growing enthusiasm among workers to incorporate AI in their work, but they don’t feel particularly supported by their companies.



An overwhelming 82% of workers say their organization hasn’t provided any training for employees on using generative AI. That lack of communication could be driving workers’ worries about whether it’s acceptable for them to use AI at work.



In addition to incorporating policies around AI, companies also need to explain how AI will change workers’ roles, according to Hinds.



“Companies are not looking closely enough at the importance of principles as well, so not just what are you allowed to do with the technology but also, what’s the technology fundamentally aimed at doing, and what is the value of the technology for our specific work?” she said.



“How do we envision our new role as a human alongside this new transformative technology? That gives employees confidence.”



Meanwhile, there’s also a gap between executives and individual workers on perceptions of AI use.



Nearly a quarter of executives said their company has a designated budget for investing in generative AI tools for employees, according to the survey, but only 9% of workers said the same.



Additionally over two-thirds of executives feel enthusiastic about AI use in the workplace but only half of workers say the same — with concerns about being replaced driving these apprehensions.



Hinds explained that these fears are most present in companies in the early stages of incorporating AI.



“The stage four, and stage five companies that have started to implement guidelines have started to position AI as a teammate, not a tool. That’s when we see that the perceived threats really lessen in any organization,” she added.



Ultimately when companies provide more resources and training, workers can use AI in a more “psychologically safe” environment, according to Hinds.

1675956289-63dd4efae33c4000193ae0c2copy-1

Some workers using AI are worried that colleagues will see them as ‘lazy’ and ‘frauds,’ survey finds

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, June 7 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



A financial sector trade union representing workers in banks, insurance companies and other businesses has called for a two-day protest strike following the arrest of its secretary-general.



Niger court will debate about a possible lifting of ousted President Mohamed Bazoum&#8217;s immunity and his incarceration.



The United States and Kenya are due to hold their sixth in-person negotiating round under the Strategic Trade and Investment Partnership (STIP) in Mombasa, Kenya.



Mauritius&#8217; Finance Minister Renganaden Padayachy is due to present the 2024/25(July-June) budget to parliament.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks are set to snap a two-week losing streak on Friday after major central banks kick-started their rate easing cycle this week, adding to expectations the U.S. Federal Reserve could soon follow suit.



[MKTS/GLOB]



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices ticked higher on Friday, as reassurances from OPEC+ members Saudi Arabia and Russia indicating readiness to pause or reverse output agreements, but markets were headed for their third straight weekly losses.



[O/R]



<h2 class="wp-block-heading" id="h-african-markets">AFRICAN MARKETS</h2>



The Nigerian and Kenyan currencies are expected to fall over the next week to Thursday, while Zambia&#8217;s and Ghana&#8217;s are seen trading relatively stable and Uganda&#8217;s could gain, traders said.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



South Africa&#8217;s rand was steady on Thursday, as markets awaited the outcome of a meeting between senior African National Congress (ANC) leadership figures on the future of the country&#8217;s government.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling gained ground on Thursday, helped by commercial banks selling off their long dollar positions, traders said.



<h2 class="wp-block-heading" id="h-kenya-rates">KENYA RATES</h2>



Kenya&#8217;s central bank held its benchmark lending rate at 13.0% on Wednesday, saying inflation was stable within its near-term target range, and it aimed to keep exchange rate stability.



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



Sudan&#8217;s army said on Thursday it would deliver a &#8220;harsh response&#8221; to an attack a day earlier on a village by the Sudanese paramilitary Rapid Support Forces that pro-democracy activists said killed more than 100 people.



<h2 class="wp-block-heading" id="h-climate-change-africa">CLIMATE CHANGE AFRICA</h2>



A group of 10 West African countries has weighed into a debate over whether companies around the world should be allowed to use carbon offsets to cut emissions, arguing they are critical to attracting financing for climate and conservation efforts.



<h2 class="wp-block-heading" id="h-nigeria-fidelity-bank">NIGERIA FIDELITY BANK</h2>



Nigeria&#8217;s Fidelity Bank said on Thursday it would raise up to 127.1 billion naira ($88 million) via a rights issue and a public share offering to comply with a new minimum capital requirement for local lenders introduced by the central bank in March.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on June 7

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, June 7 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was stronger in early trade on Friday, after the African National Congress (ANC) said it would seek to form a government of national unity after failing to win a majority in last week&#8217;s election.



At 0712 GMT, the rand traded at 18.88 against the dollar&nbsp;ZAR=D3, around 0.6% stronger than its previous close.



ANC leader Cyril Ramaphosa said late on Thursday that the former liberation movement would invite other political parties to form a government of national unity (GNU), a similar arrangement to the one after 1994&#8217;s historic all-race vote that ended apartheid.



The ANC said it had already held constructive talks with parties including the far-left Economic Freedom Fighters (EFF) and pro-business Democratic Alliance (DA).



&#8220;The rand is trading marginally firmer this morning in cautious trade as markets await the exact makeup of the GNU and what parties will be involved,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;Trading conditions will remain on the volatile side as traders turn cautious and liquidity dries up a bit.&#8221;



The ANC is expected to brief the media later on Friday on the outcomes of Thursday&#8217;s National Executive Committee meeting.



On Friday the rand could also take its direction from U.S. jobs data.



In domestic economic data, South Africa&#8217;s net foreign reserves rose to $58.287 billion at the end of May, from $57.851 billion in April, central bank data showed.



The benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was firmer in early deals, the yield down 3 basis points to 10.615%.



(Reporting by Tannur Anders; Editing by Alexander Winning)

Illustration photo of South African rand

South African rand gains after ANC says it seeks unity government

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="761" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Richard-1-820x761.jpg" alt="" class="wp-image-494420" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Richard-1-820x761.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Richard-1-300x278.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Richard-1-97x90.jpg 97w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Richard-1-768x713.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Richard-1-1536x1426.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Richard-1.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Richard Firth, CEO, MIP Holdings</figcaption></figure>



Since government announced the passing of the National Health Insurance (NHI) Bill, industry experts, business leaders, legal experts, and numerous other commentators have voiced opinions as to why implementing NHI is either going to be a nightmare, or frankly impossible. Reasons have ranged from the difficulty of integrating two very different existing systems to challenges with funding, but all criticisms of the bill essentially boil down to a belief that the execution of the NHI will be, at best, piecemeal and ineffective. At worst, the implementation of the NHI could remove access to private medical coverage entirely, according to some experts, leaving everyone in the country reliant on the already overstretched and underfunded public health system.



These criticisms are not unfounded. History has proved that state-run kitties like the one proposed for the funding of the NHI are open to looting and mismanagement. In addition, governments are incapable of building entrepreneurial businesses, focusing on policy rather than profits. One just has to look at the Road Accident Fund and Workman’s Compensation Fund to get a glimpse of the complexities involved in managing such large pools of money. The NHI financial process will make both these units look tiny in comparison to the number of transactions and volume of money that will flow daily through the system.&nbsp; There are however, centers of excellence, The Government Employees Medical Scheme commonly known as GEMS have built a quality business unit focused on the healthcare for government employees.&nbsp; Both their member management and claims processes are held up as being one of the best and largest individual schemes in the country.&nbsp; We can take learnings from here!&nbsp;



However, there is a way to ensure that the NHI delivers on the government’s dream of universal healthcare for all, while enabling South Africans from all walks of life to access the world-class medical resources that currently define private healthcare in the country.



<h2 class="wp-block-heading" id="h-technology-can-make-nhi-a-viable-reality">Technology can make NHI a viable reality</h2>



What is currently missing from the proposed implementation of the NHI is a scientific, unified and integrated pricing approach for all medical procedures agreed by both medical practitioners and payors. &nbsp;We have the technology and the capabilities to price every single procedure and diagnosis, and can use that to create the framework on which the basis for the NHI can be built.



In 2009 the competition commission found the single exit price across all fees was anti-competitive and cancelled this form of pricing.&nbsp; In any successful healthcare model, a single price is the only way forward.



A standardised, structured pricing approach, integrated into the processes of the healthcare system, will guarantee that all spend is allocated correctly. This will not only eliminate the risk of mismanaged funds, but also make sure that patient bills are fair and that the entire healthcare value chain – from doctors, to hospitals, to pharmaceutical providers – is reimbursed fairly.



Take an appendectomy, for example. Using historical data to determine everything from the length of a hospital stay to the exact doses of all medications needed, we can arrive at a standard figure for the procedure. Using this figure, the correct amount will always be allocated to the surgeon, the anesthetist, the hospital, and so on, leaving no room for overpricing or fraud.



This approach would also create an easy way to integrate public and private healthcare. Knowing exactly what each procedure costs, government could start “auctioning” patients to “private” hospitals who generally manage overall utilization by bed availability, allowing them to take on patients and procedures based on their capabilities, the availability of beds, and so on. The end result would therefore be focused on patient outcomes rather than costs, revolutionising how medical care is delivered in South Africa.



<h2 class="wp-block-heading" id="h-public-and-private-sectors-working-hand-in-hand">Public and private sectors working hand-in-hand</h2>



There’s no doubt that the current health system is not working, but without a structured, systematic approach to the implementation of NHI, we run the risk of creating even more problems. It will take years to get the right architecture in place, and once that is done, we will also have to ensure that the right oversight is in place.



Shifting the government funding model from allocating a state hospital a budget to moving all hospitals to a “claim for services” rendered model minimises the risk of fraud and other financial improprieties.&nbsp; This costing model will also help drive quality and patient outcomes will play a big part of the payment and control processes. The proposed central NHI fund will be dealing with billions every year, and will require stringent controls. A trustee system needs to be set up, preferably with representatives from both the public and private healthcare sectors providing guidance and oversight.



I really believe that this model can be implemented in the government funded SASSA grantees for a pilot project and then grow the scheme into the private sector. This will allow government time to prove its plan and show how the system can work. With the right systems in place, and all stakeholders working together, South Africa can build a national health system that not only works for everyone in the country, but that can set a new international standard.

Richard-1

Paving the way for an effective NHI

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-820x547.jpg" alt="" class="wp-image-494387" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-2153716937-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Delegations are being seen at the World Bank Group exhibition booth at The 10th World Water Forum 2024 in Nusa Dua, Bali, Indonesia, on May 23, 2024. The 10th World Water Forum from May 18 to 25, 2024, is serving as a platform for dialogue to create solutions to global water management issues. (Photo by Johanes P. Christo/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, June 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya plans to use part of a World Bank budget support loan to make a payment of roughly $500 million on a Eurobond maturing this month, its central bank governor said on Thursday.



The East African country sold a $1.5 billion international bond in February at great cost to fund the buyback of a large portion of the $2 billion bond maturing in June.



Before that, investors had feared Kenya might not be able to repay the bond due to its strained public finances.



&#8220;We do expect some disbursements from the World Bank of about $1.2 billion related to the development policy operations. Part of that &#8230; will be used to settle the $500 million of the remaining Eurobond,&#8221; Central Bank of Kenya Governor Kamau Thugge told a news conference.



Asked about a World Bank report that said the government was planning another buyback later this year, Thugge said the bank was still in discussions with the Treasury.



He said the central bank was sticking to its economic growth forecast of 5.7% this year, despite recent flooding, as the services sector was resilient and agriculture performing well.



Kenya&#8217;s economy is estimated to have grown 5.8% in the first quarter of this year, after 2023 growth of 5.6%.



On Wednesday, the central bank held its benchmark lending rate KECBIR=ECI at 13.0%, saying the current stance would ensure that inflation remained stable around the mid-point of its target range in the near term.



In response to a questions about when rates would go down, Thugge said the bank would look at external developments before deciding what direction its benchmark rate would take at the appropriate time.



(Reporting by George Obulutsa; Editing by Alexander Winning)

The 10th World Water Forum In Bali

Kenya to use World Bank loan to make $500 mln bond payment this month

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



June 6 (Reuters)&nbsp;&#8211;&nbsp;Emerging market equities extended gains on Thursday, as soft U.S. labour market data renewed bets of an interest rate cut by the Federal Reserve this year, while investors assessed the political path in major economies following a slew of elections.



The MSCI&#8217;s index of EM equities .MSCIEF climbed 0.9%, rising for a second session as U.S. Treasury yields came under pressure after data pointed to a moderating labour market.



The dollar slipped against major currencies as investors priced in nearly 50 basis points of rate cuts from the Fed this year, with the first expected to come in September.



The South African rand&nbsp;ZAR=D3&nbsp;rose slightly to 18.89 per dollar, after touching a six-week low on Wednesday on concerns about who the African National Congress would form a coalition with, after it lost its majority for the first time in 30 years in last week&#8217;s election.



The ANC is leaning towards trying to form a government of national unity for South Africa, it&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3I30PF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">said</a>&nbsp;on Wednesday, but the second-largest party said it would not join a government that included some of its smaller rivals.



&#8220;The option of a coalition with EFF (Economic Freedom Fighters) and MK (uMkhonto we Sizwe) implies a big shift&#8230;many things will be very complicated for the mining sector that will have a big cost for the budget,&#8221; said Sergi Lanau, director of global EM strategy at Oxford Economics.



&#8220;If it&#8217;s with the Democratic Alliance and other small parties, then it&#8217;s a government that mixes a bit of everything. It would be a relief for markets and over the next few years it would most likely be a status quo.&#8221;



The Indian rupee&nbsp;INR=&nbsp;slipped, while the Mexican peso&nbsp;MXN=&nbsp;strengthened in volatile trading sparked by their respective election outcomes this week.



In Central and Eastern Europe, the Hungarian forint EURHUF= and the Polish zloty EURPLN= dipped against the euro ahead of the European Central Bank&#8217;s policy decision, which is widely expected to be a rate cut.



Currencies in the region hit multi-month or multi-year highs in May amid signs of an economic recovery as central banks continue to pause or look to slow interest rate cuts.



Poland&#8217;s central bank left its main interest rate on hold at 5.75% on Wednesday as expected. The National Bank of Poland&#8217;s Governor Adam Glapinski is set to host a press conference later in the day.



Stock markets in Budapest&nbsp;.BUX, Warsaw&nbsp;WIG20&nbsp;and Prague&nbsp;.PX&nbsp;rose marginally, tracking a positive mood in Europe.



(Reporting by Sruthi Shankar in Bengaluru; Editing by Rashmi Aich)

EM equities extend gains; South Africa politics in focus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, June 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank is sticking to its 5.7% economic growth forecast for this year despite recent floods, its governor said on Thursday.



&#8220;Despite the recent flooding in some parts of the country, the economy is expected to remain strong in 2024 supported by the resilient services sector and robust performance of the agricultural sector,&#8221; Governor Kamau Thugge told a news conference.



Thugge added that the&nbsp;East African economy was&nbsp;estimated to have grown 5.8% in the first quarter of this year.&nbsp;Last year the economy grew 5.6%.



On Wednesday the central bank held its benchmark lending rate KECBIR=ECI at 13.0%, saying its current stance would ensure that inflation remained stable around the mid-point of its target range in the near term.



(Reporting by George Obulutsa; Editing by Tomasz Janowski and Alexander Winning)

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Is flying getting more expensive? It depends on where you are going

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Kenya’s central bank sticks to 5.7% growth forecast for this year despite floods

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