Tag: Jacob ZUma

Thursday is D-day for no confidence ballot

The Constitutional Court will make its ruling on Thursday on the UDM’s application to force National Assembly Speaker Baleka Mbete to conduct the vote of no confidence in President Jacob Zuma by secret ballot.

After Zuma’s controversial Cabinet reshuffle at the end of March, that saw Finance Minister Pravin Gordhan axed, among others, the opposition asked Mbete to schedule a vote of no confidence in Zuma.

It was initially set down for April 18. The opposition however asked for it to be postponed pending the application to the court for the vote to take place in secret.

Opposition parties hope this would encourage enough ANC MPs to vote against Zuma for it to succeed.

UDM leader Bantu Holomisa had argued that Zuma’s reshuffle led to two ratings agencies downgrading the country’s debt to junk status. In addition, he said MPs had been threatened with losing their seats and with violence if they voted against him.

Mbete previously said the UDM’s application had no merit and it did not fall within the court’s exclusive jurisdiction.

She said if the court found she had the power to order a motion of no confidence via secret ballot, she would act in accordance with its ruling.

Source: News24.com

Thanks to Zuma, we’re junk

Last week’s shock cabinet reshuffle has tipped SA over the edge of the investment-grade cliff, with ratings agency S&P Global Ratings downgrading SA’s foreign currency rating to subinvestment grade, or “junk” status, on Monday evening, sending markets into a tailspin.

What does junk mean to the average South African?


Further downgrade imminent
Moody’s also put SA on review for a downgrade late on Monday, which suggests that a downgrade from the agency is imminent.
The ratings agency, whose next ratings review had been due only in June, departed from its schedule to do the downgrade, saying the executive changes initiated by President Jacob Zuma had put at risk the country’s fiscal and growth outcomes, increasing the risk of policy shifts that could be negative for economic growth and fiscal discipline.

S&P also put a negative outlook on the new BB+ rating, suggesting a further downgrade could be on the cards if it sees deterioration in SA’s economic or fiscal performance.

The rand lost almost 3% within half an hour of S&P’s announcement.
Source: www.businesslive.co.za

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