It does not alter anything he has said. What large funders need is as much certainty as they can get. The non signing is an uncertainty.Why have they not yet signed? The longer it goes on the more uncertainty it creates.
But the Govt has not signed this one we are discussing. Until they sign it they will need to seek funds from a far smaller source base.
The fact that IVZ have left it hanging for so long is another indication of their amateurish approach to all things financial.
The signed PPSA is another step in the process needed to underline that the Govt. will conform to international agreements. Another failure as occured under Mugabe will be the last straw and the longterm consequences will be dire.
Why have they not yet signed off on this? They have had several years to do this. What is their problem? Keeping the doors open for China and Algeria?
The South Afrcan banks may well take on the risks of funding IVZ as short term measure until they bring their own massive gas resources on line and they will certainly have more than enough to export.
I doubt that they will want to leave the current IVZ management in place if they provided the necessary funding for the next 3 to 5 years.
They surely will not place their own sound asset base under risk to the decidedly amateurish goings on at IVZ as regards anything involving finance and funding. What they have achieved in South Africa is quite remarkable given the huge economic problems and widespread corruption at all levels. It is the one shining light in the murky morass that is the future of South Africa.
Fitch report: Major South African Banks Peer Review 2023
"The domestic and global operating environments, and, elsewhere in Africa, sovereign debt sustainability risks, continue to challenge South African banks’ domestic and regional business strategies. Weak economic growth in South Africa – reflecting the constraints from the intensified energy crisis – and the pressures from inflation and high interest rates, are weighing on businesses’ earnings and straining household finances, giving rise to loan impairments. Major South African banks still have solid enough buffers to absorb additional asset-quality risks, given their robust pre-impairment profitability and stable solvency metrics".
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