Moody’s Investors Service has served SA with a curt reminder of its mounting fiscal challenges, before finance minister Tito Mboweni delivers the budget later in February in which he hopes to convince investors he can fix the country’s finances.

Moody’s, which has SA on a negative outlook, meaning it is more likely to add to the two downgrades of 2020 than move in the other direction, said lack of economic growth and limited progress on structural reform left SA facing increasingly strong and widespread fiscal pressure...

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