Finance minister Tito Mboweni delivered a shocking medium-term budget policy statement (MTBPS), with the budget deficit set to be two percentage points higher on average over the next three years than forecast just eight months ago.

While ratings companies and financial markets may welcome realistic revisions for growth and debt, they may be left disappointed by the lack of details on action to reverse the trend even as Mboweni said “the consequence of not acting now would be gravely negative for SA”.

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