BRICS Business

Recovery is expected to continue albeit at a much slower pace, experts say.
The post Despite Q3 bounce, South African economy in contraction first appeared on The BRICS Post.

Members said awareness about the alliance should be boosted in a period of increased economic and trade volatility.
The post BRICS Business Council promotes cooperation first appeared on The BRICS Post.

A collapse in household and business income led to a surge in job losses and business closures.
The post South African economic growth revised lower first appeared on The BRICS Post.

Household consumption expenditure accounted for 61.7 per cent of the economy in the second quarter.
The post Monetary policy failed to cushion consumers in Q2 first appeared on The BRICS Post.

The NDB aims to provide up to US$10 billion in crisis-related assistance.
The post BRICS New Development Bank issues second COVID-19 Response bond first appeared on The BRICS Post.

Load shedding however meant that production could not keep up
The bad news from a government revenue point of view is that the nominal growth in GDP, on which taxes are based, eased to 4.2 per cent in 2019 from 4.7 per cent in 2018 [PREUSS]

“Our economy has won before, and it will win again” –  Finance Minister Tito Mboweni Budget Speech February 2020
“This Budget is about cleaning up our house,” Finance Minister Tito Mboweni said
In his briefing to journalists before his Budget Speech, Finance Minister Tito Mboweni pointed out that preparing a Budget Speech was an iterative process, as he would propose certain things and his team would either accept or reject them. In the event, the speech that was given to journalists was labelled version 10.

New Development Bank loan to Eskom for battery storage follows technical assistance for small hydro project in India
The first president of the New Development Bank K. V. Kamath [NDB]
At its board meeting on December 16, 2019, the board approved three projects aggregating to approximately $1 billion bringing the BRICS New Development Bank (NDB)’s portfolio to 52 projects with loans aggregating to $14.7 billion.

Loans are for projects in India, Russia and South Africa
The first president of the New Development Bank K. V. Kamath speaks at the 2nd annual meet of the new lender in New Delhi on April 1 2017 [Image: BRICS Business Council]
The BRICS New Development Bank (NDB) Board of Directors (BoD) approved four infrastructure and sustainable development projects with loans aggregating to some $1.4 billion, bringing the Bank’s portfolio to 42 projects with loans aggregating to $11.6 billion.

“South Africa does not do boring”: World Economic Forum participant
“We must ensure that our citizens are prepared, and, if necessary, that they are shielded from any adverse consequences. Our response must be collaborative, multi-sectoral and inclusive,” Ramaphosa noted [PREUSS]