With the country facing its worst-ever recession, the Reserve Bank and the National Treasury have hauled out the big guns. That fresh support is necessary is undisputed, but if a surge in spending and borrowing is not accompanied by a sea-change in the way the government manages the economy, the only result will be SA’s fiscal unravelling.

Governor Lesetja Kganyago and the Bank’s monetary policy committee holed up over the Easter weekend, recrunching the numbers. It now expects the SA economy to contract by a terrifying 6.1% this year, compared with its previous forecast of between -2% and -4%...

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