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This was the best budget that the Treasury could have delivered under the circumstances, according to Treasury director-general Dondo Mogajane. Delivering the keynote address at an Absa post-budget breakfast in Sandton, Mogajane said: “Moody’s [Investors Service] and Fitch [Ratings] had their say yesterday but, under the circumstances, this was the best we could put on the table with all the challenges we had. You’re damned if you do it, you’re damned if you don’t do it.” Finance minister Tito Mboweni had to contend with declining tax revenues, a weakened SA Revenue Service (Sars), an unfavourable global economy and a challenging environment for emerging markets, Mogajane said. “It’s not that we did not have an inclination that some rating agencies and investors would have a problem with our move, but we had to do what we had to do under the circumstances,” he said. He said the challenge Eskom posed to the economy has come up in recent investor roadshows, which Treasury had acknowle...

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