Fitch, the ratings agency that cut SA’s sovereign credit rating to junk status in April shortly after then president Jacob Zuma appointed Malusi Gigaba as finance minister, on Friday issued a lukewarm report on Wednesday’s budget.Eskom, forthcoming public sector wage negotiations, Zuma’s promise of free tertiary education and the planned introduction of National Health Insurance were among the issues Fitch said it was concerned about.The new budget deficit targets of 3.6% of GDP for the government’s 2020 financial year and 3.5% for 2021 were in line with Fitch’s forecast when it affirmed SA’s BB+ with stable outlook rating in November.In October’s medium-term budget policy statement (MTBPS), Gigaba projected the national government’s debt reaching 61% of GDP in its 2021 financial year.Wednesday’s budget lowered the forecast of national government debt, excluding local government debt, to 56% of GDP."But it is still worse than in last February’s budget, which implied 2021 financial y...

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