For Creamer Media in Johannesburg, I’m Sane Dhlamini.

Making headlines: Reserve Bank again cuts repo rate by 1 percentage point, IMF approves debt relief for 25 countries and, ANC in the North West suspends councillors for allegedly undermining lockdown regulations

Reserve Bank again cuts repo rate by 1 percentage point

The South African Reserve Bank has cut the repo rate by 100 basis points, or one percentage point, bringing the repo rate to 4.25%.

Tuesday's announcement was the second major cut in less than a month, after the bank cut the rate by one percentage point in mid-March. 

The repo rate is the benchmark interest rate at which the Reserve Bank lends money to other banks.

IMF approves debt relief for 25 countries

The International Monetary Fund has cancelled debt payments for 25 poor countries due to the coronavirus pandemic.

Malawi and Mozambique are two southern African countries that will receive debt service relief.

The IMF on Monday announced that the executive board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust.

IMF managing director Kristalina Georgieva said  the relief will help the beneficiaries to cover their IMF debt obligations for an initial phase over the next six months.

ANC in the North West suspends councillors for allegedly undermining lockdown regulations

The ANC has suspended the membership of three of its councillors for allegedly flouting lockdown regulations.

Interim Provincial Committee co-ordinator Hlomani Chauke said the suspended councillors from the Bojanala and Ngaka Modiri Molema regions failed to adhere to the declaration of a national state of disaster and the subsequent national lockdown by the State President Cyril Ramaphosa.

The country has so far recorded 2 072 Covid-19 cases and 27 deaths with 410 recoveries.

That’s a roundup of news making headlines today

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