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PICTURE: SIPHIWE SIBEKO President Jacob Zuma will have to address two audiences in his 2016 State of the Nation Address: the international community and markets on the one hand, and the domestic public on the other.The fiasco over the firing of former finance minister Nhlanhla Nene has increased the risks to the South African economy. As a developing economy it is already feeling the impact of declining demand from China, a turbulent Europe and volatile emerging markets.As things stand, South African fiscal managers suffer from a credibility malaise. The state of the nation address presents an opportunity for confidence building.Fiscal disciplineThe international community possibly has a bouquet of expectations in mind. But these cannot be fully satisfied because they are counterbalanced by domestic expectations.Top of international expectations is a clear commitment to fiscal discipline — specifically a significant reduction of South Africa’s foreign debt which stands at 44% of GDP...

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