South Africa has run out of money – Finance Minister responds

South Africa’s budget deficit widened further in August and September compared to a year ago as government expenditure continues to grow faster than revenue. However, Finance Minister Enoch Godongwana said this does not mean the country has run out of many. from the National Treasury for September 2023 also points to a widening budget deficit. The main budget deficit is expected to be R12.8 billion, compared to R3.3 billion in September 2022.

This is much higher than the deficit of R160.7 billion in the same period in 2022/23. South Africa’s current debt-to-gross domestic product ratio is 73%. The situation is set to become much worse as the country’s fiscal deficit this year will be around 6% of GDP. The measures include a freeze on new public service jobs, stopping procurement contracts for all infrastructure projects, and keeping public servant salary increases in check.

Following these reports, Godongwana was asked in a recent parliamentary Q&A whether the government has indeed run out of money.“The government is working to manage public finances in a prudent and sustainable manner. This includes appropriately responding to the materialisation of risks, including unforeseen economic and financial conditions.The government publishes the “Statement of the National Government’s Revenue, Expenditure, and Borrowing” monthly on the National Treasury website.

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