Finance minister Enoch Godongwana’s medium-term budget policy statement (MTBPS) followed the path of fiscal consolidation mapped out by his predecessor, Tito Mboweni, maintaining efforts to narrow the government’s budget deficit and stabilise SA’s still troublesome debt trajectory. 

But substantial risks to the improved fiscal outlook and the underlying economic recovery remain, which could undo the effort to close the “hippo’s mouth” and avoid the sovereign crisis Mboweni warned of. ..

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