No-one should blame finance minister Tito Mboweni for delivering a supplementary budget that’s impossible to swallow; he was in an impossible position and has had to resort to fiscal gymnastics to make the numbers add up.

Except they don’t, not really, and apparent scepticism over his debt stabilisation plan is growing. Quite simply, Mboweni’s plan to get debt to stabilise at 87% of GDP in three years’ time will require such an aggressive fiscal adjustment that it appears neither politically nor economically feasible.

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