Anglican Church of Southern African

Monthly Investment Report - Retirement Fund

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July 2020

On the local side news of the confirmation of a $4.3 billion loan from the International Monetary Fund (IMF) through its Rapid Financing Instrument dominated headlines. Through the loan government has once again re-committed to the fiscal consolidation outlined in the supplementary budget presented in June.

Government further indicated to the IMF that it would further commit to reducing the size of the public sector wage bill and would link further transfers to state owned enterprises to key performance indicators.

The number of local Corona virus cases topped 500,000 into the end of the month. The President Ramaphosa however mentioned that they are seeing signs of the spread of the virus stabilising. Particular promising signs have been seen in some of the larger hotspots including the Western- and Eastern Cape and Gauteng.

In line with these findings the tourism minister also relaxed the recently reintroduced curfew as well as inter-provincial leisure travel. These measures should go a long way in supporting the battered tourism sector.

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