Financial institutions disclose more information about the resilience of their business strategies under different climate scenarios than firms in other sectors -- though there is still significant room for improvement.

South Africa’s 2020 budget was well-received by financial markets. The proposed adjustment is largely driven by cuts to the wage bill. Savings are just enough to offset weaker revenue due to weak growth. Thus, public debt is still set to increase to ~70% of GDP by FY22/23. Key risks remain low growth, union resistance, and struggling SOEs.

Welcome to 2020 -- the “Decade of Delivery” for the 2030 Sustainable Development Goals (SDGs).

Portfolio flows to EM stood at $3.4 bn in February. Equity and debt were -$9.7 bn and $13.2 bn, respectively. Net capital flows to EM reached $40.2 bn in January.

Ethiopia has experienced the world’s highest real GDP growth in recent years. But high external financing needs and low reserves represent vulnerabilities. The recently approved IMF program will allow for buffers to be established. Structural reforms, in particular of SOEs, are needed for sustainable growth.