Finance minister Tito Mboweni’s bleak medium-term budget policy statement (MTBPS), delivered on Wednesday, outlined a much tougher economic environment in which the government has to try and stabilise its finances.

The deeply negative revisions to forecasts of the government’s fiscal position has increased the possibility, according to analysts, that credit ratings agency Moody’s Investors Service will take more dramatic action against SA when it releases its expected review on Friday. Moody’s is the final ratings agency that has SA at investment grade — with a stable outlook.

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