Business In The News South Africa

Treasury to give SAA R10 billion in special appropriation

 PARLIAMENT, September 13 (ANA) – National Treasury has agreed to give South African Airways a special appropriation of R10 billion by the end of September, director-general Dondo Mogajane told MPs on Wednesday. “It will be for R10 billion, we have decided, because that will cover everything,” he said during a briefing on the ailing airline’s latest […]

Business In The News South Africa

Gigaba announces MTBPS date, says Treasury will manage government debt

JOHANNESBURG, September 11 – Finance Minister Malusi Gigaba on Monday announced that he would deliver his inaugural Medium-Term Budget Policy Statement (MTBPS) next month on October 25. The MTBPS is a government report providing information on the country’s economic context, fiscal objectives, and spending priorities over a three-year period. “We will outline what we will […]

Business In The News South Africa

Chamber of Mines says it was not consulted on Gigaba’s 14-point action plan

JOHANNESBURG, July 14 – The Chamber of Mines has welcomed National Treasury’s inclusive growth action plan, but raised concerns that the plan does not address the critical challenges facing the mining sector, and that the Chamber was not consulted before the plan was developed. This comes after Finance Minister Malusi Gigaba on Thursday unveiled a 14-point action […]

In The News South Africa

‘Baa3’ still an Investment grade rating for South Africa- Treasury

Sello Theletsane Government notes the decision by Moody’s to downgrade South Africa’s long-term and foreign and local currency debt ratings to ‘Baa3’ from of ‘Baa2’ and maintain the negative outlook, an investment grade rating. This rating action concludes Moody’s decision to place the sovereign under review for a possible downgrade. According to Moody’s, the downgrade was driven by : […]

In The News South Africa

Banking Association welcomes Mogajane’s appointment as Treasury DG

JOHANNESBURG, June 8 – The Banking Association of South Africa (BASA) has welcomed the appointment of Dondo Mogajane as National Treasury’s new director general, saying that it was a step in the right direction that would boost investor confidence. National Treasury announced Mogajane on Wednesday as its new director-general after Cabinet confirmed his appointment. In a […]

In The News South Africa

Treasury welcomes S&P affirming foreign currency sovereign credit rating

JOHANNESBURG, June 2– National Treasury has welcomed S&P Global’s decision of maintaining South Africa’s sovereign credit rating with a long-term foreign currency sovereign credit rating of “BB+”, and a long-term local sovereign currency credit ratings of “BBB-” with a “negative” outlook. S&P said on Friday it was affirming its negative outlook on the foreign and […]

Business In The News South Africa

National Treasury tells MPs that PWC report alleges Eskom-Tegeta contract was hastily and poorly drafted

PARLIAMENT – PricewaterhouseCoopers found that Eskom’s coal contract with Tegeta was hastily and poorly drafted and quality requirements were treated in a cursory manner, National Treasury told MPs on Tuesday. Solly Tshitangano, a deputy director general and acting chief procurement officer, said the auditing firm also found that safety and environmental checks were only performed […]