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The National Treasury has a lot of work to do to maintain South Africa's budget and spending framework, Finance Minister Malusi Gigaba says. "In the period in which we are, where the revenue targets are obviously not going to be met yet the expenditure ceiling remains in place, we will need to implement both revenue-side and expenditure-side measures that are going to assist us to achieve our budget targets and spending priorities," Gigaba said in an interview with Bloomberg Television in Washington, DC on Thursday. While South Africa emerged from a recession in the second quarter, Gigaba's medium-term budget on October 25 may show revenue collections that are hamstrung by weak economic growth. The budget deficit could swell to 4.5% of GDP in the current financial year compared with the 3.1% shortfall the Treasury forecast in February, the Reserve Bank said last week. "We understand that the South African economy is in a difficult period at the present moment," Gigaba said. "We have...

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