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Just hours after the release of data showing SA’s economy has contracted in 2020 by the most on record, highlighting the challenges the country faces in stabilising its debt, S&P Global Ratings voiced scepticism that finance minister Tito Mboweni will meet his targets.

In the first feedback from the company on the February budget, it said on Tuesday that risks remain balanced in terms of the country’s sovereign rating. Mboweni in February said SA’s debt-to-GDP ratio will peak at 88.9% in 2023, a downward revision from estimates of 95.3% six months earlier. The lower debt consolidation trajectory was made possible by slightly higher GDP growth forecasts and much better than expected revenue collection over the fourth quarter of 2020...

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