When President Cyril Ramaphosa addressed the nation on Tuesday night he needed to provide two things: a bold plan to ease the devastating impact of Covid-19 on the economy; and a credible strategy to drive economic growth once the virus has run its course.The former was always going to be the easier task, given the overwhelming consensus in SA that the government should be throwing every bit of firepower at the pandemic. Indeed, Ramaphosa went further than many economists expected, given SA’s lack of fiscal space, marshalling a package worth R500bn, or 10% of GDP, in line with the rescue packages of wealthy, developed countries.And while this is what a desperate nation wanted to hear, it has raised a whole new set of worries: how on earth will SA fund its Covid-19 response without precipitating a fiscal crisis?Given how crucial it is to retain investor confidence in SA’s bond market, it seems short-sighted of the president to have glossed over the fiscal implications.All we know is ...

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