Rising debt imperils budget credibility, warns Michael Sachs
Government ability to redistribute resources and access long-term capital at low interest rates under threat, says former Treasury head
06 September 2023 - 19:25
Budget credibility is brought into question by government inability to stabilise debt largely because of policy disarray widening the divergence between budget plans and execution, says former National Treasury budget head Michael Sachs.
Speaking at the inaugural National Treasury’s Public Economics Conference on Wednesday, Sachs warned that if this continues it will lead to weak credibility, which lowers the state’s ability to redistribute resources and access long-term capital at low interest rates...
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