Commentators are cautiously positive about the treasury’s decision to use the Gold and Foreign Exchange Contingency Reserve Account
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The 2024 budget is Duncan Pieterse’s first as director general. And he says the fiscal framework does not constitute a negotiating position
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The budget points to state-owned entity bailouts as a key driver of South Africa’s increasingly constrained fiscal position
The decision follows pressure from civil society and labour — as well as warnings that the treasury risks leaving the Reserve Bank in a precarious position
Finance Minister Enoch Godongwana has emphasised the need to address supply-side constraints, such as the country’s energy and logistics crises
The treasury is looking to enforce strict conditions on the power utility, which is viewed as a major risk to the country’s economic outlook
The new director general played a key role in developing the Eskom Debt Relief Bill
But the department’s already reduced ranks may make it difficult to find someone with the technical know-how and clout to replace Dondo Mogajane