Finance Minister Malusi Gigaba delivered what he called a tough but hopeful budget on Wednesday. He introduced cuts in government spending and increases in VAT that will raise an additional R36bn. But there has been some criticism that the measures are the same old rhetoric from the Treasury. The initial reaction to the budget was positive, with both the rand and the JSE strengthening Per Hammarlund, chief emerging markets strategist at SEB Group, spoke to Business Day TV after the budget speech to share his thoughts. OR LISTEN TO THE AUDIO: Listen to all latest podcasts here.

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