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Assessing and promoting civil and minority rights in South Africa.

[Source: Financial Times by Joseph Cotterill.]

South Africa’s finance minister has denied seeking to force public pension fund assets into a bailout of heavily indebted state-owned companies that have been the heart of a political scandal over corruption.

Malusi Gigaba said on Tuesday that there were “no attempts to dig into pensions for reasons that are unscrupulous” after meeting with the board of the Public Investment Corporation, which manages R1.9tn ($140bn) of assets on behalf of the government employees’ pension fund.

The meeting came after days of media reports that Dan Matjila, the PIC’s chief executive, was being undermined and could be removed from his post after resisting plans to tap assets held by the PIC to rescue South African Airways, the struggling national flag carrier.

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South Africa at a Glance
58 780 000 (mid 2018 estimate)
4.5% y/y in June 2019 (CPI) & +5.8 y/y in June 2019 (PPI)
-3.2% q/q (1st quarter of 2019)
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