Asked after the release of her group’s interim results last week whether she was concerned about SA’s delayed budget, FirstRand CEO Mary Vilakazi noted markets hadn’t moved much on the news. That there were tensions and negotiations within the government of national unity (GNU) could only be good for democracy, she said.

“What will be a good outcome is really whether it is a good budget in the end.” That meant fiscal discipline and an improving debt trajectory, she said. “That’s where possible improvements to our sovereign rating lie,” said Vilakazi...

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