South Africa&#8217;s government is maintaining its fiscal policy framework and is taking &#8220;systematic interventions&#8221; to address the country&#8217;s economic challenges in the wake of damaging ratings downgrades, the cabinet said on Thursday.
&#8220;Government remains on track in maintaining its fiscal framework, ensuring policy certainty, and working to ensure inclusive growth and economic transformation,&#8221; the cabinet said in a statement after it had a meeting on Wednesday.
(Reporting by Tanisha Heiberg; Editing by Ed Stoddard)
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South Africa’s fiscal policy framework on track: cabinet

PRETORIA (Reuters) &#8211; South Africa&#8217;s Finance Minister Malusi Gigaba said on Thursday the Treasury was looking into possibilities for further cuts in government spending and reallocation of funds to help boost growth and still remain within its fiscal target.
Gigaba, who was appointed as finance minister in March, replacing sacked Pravin Gordhan, a favourite of international investors, is battling a recession in Africa&#8217;s most industrialised economy.
&#8220;We do realise that there are hard decisions to be made &#8230; that may require that we look at further cuts to government spending and programmes,&#8221; Gigaba told a news conference, adding that the Treasury was committed to remaining within its fiscal target announced at during the annual budget in February.
(Reporting by Mfuneko Toyana; Writing by James Macharia Editing by Jeremy Gaunt)

South Africa’s Gigaba says will make further budget cuts as recession bites

Olivia Kumwenda-Mtambo | JOHANNESBURG
South Africa&#8217;s negative economic growth is a risk to fiscal targets and puts pressure on the government to intensify growth programmes as a matter of urgency, the Treasury said on Tuesday.
South Africa entered recession for the first time in eight years, led by weak manufacturing and trade, data from Statistics South Africa showed.
<blockquote>&#8220;This worse-than-expected GDP outcome introduces significant downward bias to the GDP growth estimates communicated in the 2017 budget review, which projected 2017 GDP growth at 1.3 percent,&#8221; the Treasury said in a statement.</blockquote>
&#8220;The current growth rate, if sustained, will lead to a further decline in GDP per capita and revenue, risking the sustainability of our fiscal framework and more importantly undermining the delivery of social services.&#8221;
(Reporting by Olivia Kumwenda-Mtambo; Editing by Robin Pomeroy)
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South African recession puts fiscal targets at risk: Treasury

Nigeria&#8217;s monetary and fiscal authorities must cooperate on their policies to help Africa&#8217;s largest economy to develop, the central bank governor said, according to his spokesman.
Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank&#8217;s Monetary Policy Committee and the ministers for finance, budget and investment. The closed-door meeting, which takes place about three times a year, ended on Saturday.
OPEC member Nigeria is in its first recession in 25 years, largely brought on by low oil prices. Crude oil sales account for about two-thirds of government revenue.
The central bank has faced criticism from investors for keeping Nigeria&#8217;s currency, the naira, at a rate some 30 percent above the black market, where entrepreneurs are forced to go for foreign exchange with the dollar scarce on official channels.
&#8220;Godwin Emefiele reiterated the need for the country&#8217;s monetary and fiscal authorities to collaborate and harmonize standpoints so as to develop the economy rapidly,&#8221; central bank spokesman Olalekan Ajayi said in an emailed statement on Sunday.
The finance ministry has previously said adjustments were needed to narrow the spread between exchanges rates on the official and black market. The central bank devalued the rate for retail customers in February after Nigeria&#8217;s top economic advisor body called for an urgent review.
The bank&#8217;s Monetary Policy Committee is due to meet on Monday and Tuesday to set interest rates. Twelve out of 13 economists polled by Reuters predicted that the bank would leave its benchmark interest rate unchanged at 14 percent on Tuesday.
(Reporting by Camillus Eboh and Alexis Akwagyiram, in Lagos, editing by Larry King)

Nigerian central bank head urges cooperation on monetary & fiscal policy

Ratings agency Standard &amp; Poor&#8217;s said on Tuesday rising political tensions in South Africa amid infighting in the ruling African National Congress could derail government efforts to improve policy implementation and that Pretoria had little room to boost spending.
&#8220;South Africa&#8217;s fiscal space, or the flexibility its government has to increase its spending to boost the economy, is now limited,&#8221; S&amp;P said in response to questions raised by investors on South Africa during a webcast.
S&amp;P downgraded South Africa&#8217;s local debt by one notch to BBB in December but kept the country&#8217;s sovereign credit rating unchanged at BBB-, one level above &#8220;junk&#8221; status.﻿

S&P says concerned by South Africa&#39;s political tensions

Angola&#8217;s public debt is projected to narrow to 62.8 percent of gross domestic product in 2017, from 71.6 percent last year, the International Monetary Fund said late on Tuesday.
Weaker oil prices in the last three years has constrained growth and put state finances under pressure in Africa&#8217;s second- biggest crude producer.
&#8220;&#8230;continued fiscal adjustment will be needed going forward to put public debt on a clear downward path while supporting economic growth over the medium term,&#8221; the IMF said in a statement after the IMF team met government officials.
The fund urged Angola, where banks grapple with liquidity and foreign currency shortages, to phase out exchange restrictions and multiple currency practices.
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It also said the southern African nation should more forcefully address its dependence on oil and diversify the economy.﻿

fiscal

South Africa’s fiscal policy framework on track: cabinet

South Africa’s Gigaba says will make further budget cuts as recession bites

South African recession puts fiscal targets at risk: Treasury

Nigerian central bank head urges cooperation on monetary & fiscal policy

S&P says concerned by South Africa's political tensions

Angola's debt lower, but continued fiscal adjustment needed

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fiscal

South Africa’s fiscal policy framework on track: cabinet

South Africa’s Gigaba says will make further budget cuts as recession bites

South African recession puts fiscal targets at risk: Treasury

Nigerian central bank head urges cooperation on monetary & fiscal policy

S&P says concerned by South Africa's political tensions

Angola's debt lower, but continued fiscal adjustment needed

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