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

Making headlines: Fitch sees South African economy contracting 5.5% this year, Bheki Cele criticises ANC's anti-police brutality campaign, says alcohol ban shouldn't have been lifted and, IMF approves additional $111.06m to Rwanda

 

Fitch sees South African economy contracting 5.5% this year,

Ratings agency Fitch said on Friday it expected South Africa's economy to shrink 5.5% this year, as the coronavirus lockdown batters an economy already in recession.

Fitch downgraded South Africa's credit rating further into "junk" territory in April, citing the lack of a clear path towards government debt stabilisation and the expected impact of the Covid-19 shock on public finances and growth.

In an outlook on sub-Saharan African sovereigns, Fitch said it projected the fiscal deficit would surge to 14.4% of gross domestic product (GDP) in the current fiscal year, with government debt seen rising to 80.9% of GDP.

 

Bheki Cele criticises ANC's anti-police brutality campaign, says alcohol ban shouldn't have been lifted

The ANC national executive committee member Bheki Cele has accused his own party of unintentionally endorsing attacks on the police by criminals and communities with its anti-racism, anti-police brutality campaign.

Cele, who is also the police minister, delivered a public lecture on Thursday on behalf of the eThekwini region on the role of ANC members in the fight to combat the coronavirus pandemic.

Cele, who has become a vociferous anti-alcohol voice in the country, said if he had his way it would remain banned.

 

IMF approves additional $111.06m to Rwanda

The International Monetary Fund has approved an additional $111.06-million disbursement to Rwanda to address the effects of the Covid-19 pandemic on the country's economy.

Rwanda's economic outlook has worsened since the approval of the first Rapid Credit Facility request on April 2, 2020, leading to a further downward revision in the 2020 GDP growth forecast from 5.1 to 2.0 percent due to deepening of the Covid-19 impact.

The funding brings total IMF Covid-19 support to Rwanda to $220.46-million

Rwandan authorities have since begun to gradually open up the economy, although some restrictions remain.

 

That’s a roundup of news making headlines today

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