Connect to share and comment

South Africa presents cautious budget despite elections

South Africa's government presented a restrained budget on Wednesday which largely sticks to existing spending limits even though voters are clamouring for election-year spending. The state of South African public finances is under the spotlight of credit ratings agencies, however. "Our present circumstances oblige us to live and spend modestly and keep a careful balance between social expenditure and support for growth," finance minister Pravin Gordhan told parliament.

Tanzanian finance minister dies in South Africa

Tanzania's finance minister William Mgimwa has died of natural causes at a Pretoria hospital, the South African government said Thursday. He died on New Year's day after undergoing treatment for an unnamed illness, the treasury said in a statement. Mgimwa had spearheaded rapidly growing Tanzania's drive to tap global bond markets to fund investment and tackle poverty.

South Africa's 2013 growth set to slow to 2.1 percent

The South African economy is slowing more sharply than expected this year and is expected to expand by 2.1 percent instead of 2.7 percent, South Africa's Finance Minister Pravin Gordhan said on Wednesday. "We now expect growth of about 2.1 percent in the South African economy this year," Gordhan told lawmakers, revising an earlier forecast of 2.7 percent. South Africa has the biggest economy in Africa, but the latest figure is less than half of sub-Saharan Africa's anticipated five percent and also falls below the global projection of 2.9 percent.

South African economy still in slowdown

The South African economy is slowing more sharply than expected this year the country's Finance Minister warned on Wednesday as he unveiled a raft of belt-tightening measures that target government perks. "We now expect growth of about 2.1 percent in the South African economy this year rising to 3.5 percent by 2016," South Africa's Finance Minister Pravin Gordhan told lawmakers, revising down an earlier forecast of 2.7 percent growth for this year.

S.Africa's top tax official resigns after graft probe

South Africa's top tax official has resigned following an investigation into allegations of impropriety, South Africa's finance minister announced Friday. South African Revenue Service (SARS) commissioner Oupa Magashula stepped down after he was accused of offering a woman a highly paid job without following proper procedure. Magashula had "by his conduct placed the reputation and credibility of SARS at risk," said minister Pravin Gordhan, who launched an internal investigation in April.

S.Africa's tax official resigns after graft probe

South Africa's top tax official has resigned following an investigation into allegations of impropriety, South Africa's finance minister announced Friday. South African Revenue Service (SARS) commissioner Oupa Magashula stepped down after he was accused of offering a woman a high-paid job without following proper procedure. Magashula had "by his conduct placed the reputation and credibility of SARS at risk," said minister Pravin Gordhan, who launched an internal investigation in April.

Mining strikes dent S.Africa tax take

A wave of wildcat mining strikes that gripped South Africa last year caused a $1.2 billion shortfall in much-needed state revenue, Finance Minister Pravin Gordhan said Wednesday. The country took in a total of 814.1 billion rand ($88.4 billion) for the year ending March 31 which Gordhan said was "admirable" but nonetheless 12 billion rand below his initial 2012 budget expectation. The amount represented an increase of just under 10 percent, with personal taxes making up the biggest chunk of income.

S.Africa focused on growth over spending cuts - Gordhan

JOHANNESBURG, March 11 (Reuters) - South Africa is more focused on lifting economic growth and reducing inequality than cutting spending to appease investors, Finance Minister Pravin Gordhan said on Monday. Gordhan also told an investment conference the government was concerned about volatility in the rand, which has hit four-year lows against the dollar on worries about the impact of strikes in the key mining sector.

UPDATE 1-S.Africa sees lower growth, wider budget gap as revenue wanes

(Adds growth forecasts, market reaction background) * Revenue down partly on mine strikes, to weigh on growth * Government to keep spending under wraps * Growth to lag that of BRICS peers By Stella Mapenzauswa CAPE TOWN, Feb 27 (Reuters) - South Africa cut its 2013 economic growth forecast due to subdued demand from export markets and projected a slightly wider budget deficit than previously forecast because of revenue collection undershooting targets.

S.Africa unveils tough budget amid weak outlook

South Africa finance minister Pravin Gordhan unveiled Wednesday a bootstraps budget of spending curbs and increased "sin taxes" for Africa's largest economy, predicting slow growth and a swollen budget deficit. Gordhan told parliament that growth would be a modest 2.7 percent this year and the government's budget deficit would hit 5.2 percent amid "enormous" challenges facing the country. "South Africa's economic outlook is improving but it requires that we take a different trajectory to move it forward," said Gordhan.
Syndicate content