https://en.sputniknews.africa/20241031/south-africa-forecasts-higher-deficit-debt-increase-budget-policy-statement-says-1068963773.html
South Africa Forecasts Higher Deficit, Debt Increase, Budget Policy Statement Says
South Africa Forecasts Higher Deficit, Debt Increase, Budget Policy Statement Says
Sputnik Africa
The South African government is committed to a pro-growth agenda focused on unity and cooperation to address long-standing economic and fiscal challenges... 31.10.2024, Sputnik Africa
2024-10-31T14:06+0100
2024-10-31T14:06+0100
2024-10-31T15:06+0100
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The National Treasury of South Africa expects the budget deficit to reach 4.3% of the country's GDP and the government debt to reach 75.5% of GDP in the 2025-2026 fiscal year, according to the Medium Term Budget Policy Statement (MTBPS) released on Wednesday, which outlines South Africa's economic strategy in the context of a more stable global environment and improved electricity supply.The budget deficit is higher than the 3.7% projected in the Treasury's previous budget review published in February.The local currency, the rand, weakened following the announcements by the government, media reported.The country's economy is expected to grow by 1.1% this year, down from 1.3% in a February report. However, growth is expected to reach 1.7% in 2025, up from a previous forecast of 1.6%.The government strategy announced by the finance minister is focused on maintaining macroeconomic stability, implementing structural reforms, as well as supporting growth-enhancing infrastructure.
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economy, south africa, southern africa, gdp, economic growth, finance minister, finance, budget, debt, electricity
economy, south africa, southern africa, gdp, economic growth, finance minister, finance, budget, debt, electricity
South Africa Forecasts Higher Deficit, Debt Increase, Budget Policy Statement Says
14:06 31.10.2024 (Updated: 15:06 31.10.2024) Alla Shukanova
Writer / Editor
The South African government is committed to a pro-growth agenda focused on unity and cooperation to address long-standing economic and fiscal challenges, according to the MTBPS, which promotes a balanced fiscal strategy with a focus on stabilizing debt levels and increasing capital spending.
The National Treasury of South Africa expects the budget deficit to reach 4.3% of the country's GDP and the government debt to reach 75.5% of GDP in the 2025-2026 fiscal year, according to the Medium Term Budget Policy Statement (MTBPS) released on Wednesday, which outlines South Africa's economic strategy in the context of a more stable global environment and improved electricity supply.
The budget deficit is higher than the 3.7% projected in the Treasury's previous
budget review published in February.
The local currency, the rand, weakened following the announcements by the government, media reported.
"Debt has risen too fast and is too high. We are anticipating that government debt will reach more than R6.05 trillion [$342.1 billion], or 75.5 percent of GDP, in 2025-2026," South African Minister of Finance Enoch Godongwana said in a speech.
The country's economy is expected to grow by 1.1% this year, down from 1.3% in a February report. However, growth is expected to reach 1.7% in 2025, up from a previous forecast of 1.6%.
"This underscores the need for higher inclusive growth to meet the aspiration of a better life for all. This policy statement outlines our strategy to lift the economy to a higher and more inclusive growth path," Godongwana noted.
The government strategy announced by the finance minister is focused on maintaining macroeconomic stability, implementing structural reforms, as well as supporting
growth-enhancing infrastructure.
