South Africa’s 2025 budget took a vital step forward after the Treasury scrapped its proposed VAT hike this week. This, the DA's recommitment to the GNU and the weaker-than expected inflation figures, should provide the Reserve Bank room to restart its easing cycle next month. Elsewhere, Zambia’s lengthy debt restructuring process is within reach and that will provide a boost to investment and growth prospects, but a continued lack of access to international capital markets will still present a speed bump to the recovery.
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