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National Treasury officials are rubbing their hands with glee at the prospect of me being forced to eat my hat. I promised on a live Financial Mail webinar with finance minister Enoch Godongwana after the 2022 budget that I would eat my hat if he succeeds in achieving a primary surplus in 2023/2024 as promised, a year ahead of target.

Running a primary surplus (when revenue exceeds non-interest expenditure) is necessary to stop debt from rising inexorably in SA. As such, it is a crucial milestone on the Treasury’s path to stabilise the debt ratio at 75% of GDP by 2024/2025...

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