A weak economy and poor job and pay prospects have pushed the projected revenue shortfall to a cumulative R251bn over the next three years, the Treasury revealed in the medium-term budget policy statement on Wednesday.

The shortfalls, along with R161bn in Eskom bailouts, will see budget deficits climb 2.2 percentage points higher, on average, than finance minister Tito Mboweni projected in February, with the government's debt set to jump to more than 70% of the size of the economy over the three years if nothing is done to arrest the slide.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.