Finance minister Enoch Godongwana used his medium-term budget on Wednesday to underline his tough love approach to ailing state-owned enterprises (SOEs), tightening up conditions for Eskom’s debt relief package and making it clear he wouldn’t even discuss a Transnet bailout unless it bought into the government’s new roadmap to transform SA’s logistics sector.

This came as the minister delivered a budget which surprised many in the market with lower-than-expected deficit numbers, despite an estimated R57bn shortfall in revenue for the current year, and stayed on course to stabilise the public debt ratio in the medium term...

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