Africa

South Africa Budget: Huge Wage Bill Cut Raises Credibility Issues, Questions Over Fiscal Health

South Africa’s recently-revealed 2020 budget review contained a series of ambitious pledges designed to win over markets and restore public sector finances, including a ZAR160bn in cuts to public wages over three years, but analysts say the move raises credibility issues and likely sets the stage for a battle with the nation’s powerful unions.

By Bonds & Loans

Feb 28, 2020 // 3:00AM

Subscribe for access:

Subscribe

Bonds & Loans is a trusted provider of news, analysis, and commentary that helps illuminate the most significant issues, events and trends impacting the global emerging credit markets.

Want full access to market-leading conferences?

Subscribe

Related Reads

Bonds, Loans & Sukuk Africa 2020 - Virtual Conference

Nov 18, 2020

ESG & Capital Markets Africa 2020 - Virtual Conference

Oct 6, 2020

#BondsLoans24 - Debt relief: What is the impact on private creditors? What are the implications for EM debt as an asset class?

Jul 17, 2020

#BondsLoans24 - What role can capital markets play in ensuring the equitable distribution of a COVID-19 vaccine across Africa?

Jul 17, 2020

Recommended Stories

Vale Scoops Up USD1.5bn in Cross-Border Bond Outing

Vale Overseas, a special purpose vehicle set up and owned by Brazilian mining giant Vale, raised USD1.5bn in the international capital markets this week.

Jul 8, 2020

Deal with Bondholders Clears Path for Ecuador to Restructure USD17.4bn in Debt

The Republic of Ecuador has reached a preliminary deal with the its largest creditors, paving the way for the country to restructure nearly USD17.4bn in sovereign bonds.

Jul 7, 2020

Moody’s: Many Emerging and Frontier Markets Unlikely to Recover Until 2022

The coronavirus pandemic has weighed heavily on the fiscal performance and debt levels globally, with many emerging and frontier markets unlikely to recover until 2022 at the earliest according to Moody’s.

Jul 7, 2020

COVID-19 Sets Per-Capita Income in Sub-Saharan Africa Back by Nearly a Decade – IMF

Growth in Sub-Saharan Africa (SSA) is set to contract by twice the amount previous forecast in April, according to the latest IMF estimates, with per-capita income across the continent falling to levels not seen in nearly a decade.

Jul 2, 2020