Government

5 important things happening in South Africa today

Staff Writer

 ·6 Nov 2023

Here’s what is happening in and affecting South Africa today:

• Treasury’s bloated wage solution: The government has taken a new approach in an attempt to rein in the rising cost of paying public servants: only give increases to frontline and labour-intensive professions. National Treasury has allocated R111.4 billion over the next three years to adjust the pay of public servants in the departments and professions that it deems to be critical, such as education, health, police, defence and correctional services. [Daily Maverick]

• Proposed changes to Tax laws: The National Treasury, in the Tax Administration Laws Amendment Bill tabled in parliament last week, said it would amend section 70 of the Tax Administration Act. This means the SA Revenue Service (Sars) might soon be allowed to share taxpayer information with the Companies and Intellectual Property Commission (CIPC), the directorate for nonprofit organisations (NPOs) and the master of the high court to make it easier for authorities to curb money-laundering activities. [Business Day]

•  A first for Nuclear in SA: The Western Cape could get South Africa’s first mini-nuclear reactor as early as 2026. The mini reactor planned for rollout in the Western Cape consists of four units — each capable of delivering 80MW of power for a combined output of 320MW. It will be the first of several similar reactors in a 1,800MW network planned for construction over the long term. [MyBroadband]

• Sanral’s trip to Prague: The SA National Roads Agency (Sanral), which has only spent half its budget to maintain and build non-toll roads for the past four consecutive years, but blew millions last month by sending 29 officials to an international conference in Prague. The trip to Prague – which cost Sanral R3.1 million – directly conflicts with Treasury rules, which state that international travel should be kept to a minimum as part of cost-containment measures. [News24]

• Markets: The South African rand extended gains on Friday as U.S. Treasury yields fell and data out of the U.S. showed fewer than expected jobs had been created in October, boosting hopes the Federal Reserve is done raising interest rates. On Monday (6 November), the rand was trading at R18.24 to the dollar, R22.58 to the pound and R19.58 to the euro. Oil is trading at $85.30 a barrel. [Reuters]