Half Year 2024 FirstRand Ltd Earnings Call Transcript
All right. Good morning, everybody, and welcome to FirstRand's results for the 6 months ended 31 December 2023. The next few slides will highlight the macroeconomic environment that we faced over this period.
Beginning in South Africa. Here, we find ourselves as a small open economy in a much less forgiving world. The delivery challenges that we have at home are stock, and we are witnessing the collapse of state-owned enterprises. The fiscal challenges are also very acute in the face of an ever elusive lift in the productive capacity of the country. The recent budget reading by the Minister of Finance was not an easy day in the office for him. However, a good budget emerged, which recognized a much greater role for the private sector. But there was also a stark message in the budget, time is starting to run out. We are already witnessing the first phase of what we refer to as unconventional government financing and debt management as capital markets become tighter and more expensive for South Africa to access.
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