The budget comes as the country’s economy continues to buckle under the pressure of record-high unemployment, the overall economic impact of COVID-19, muted investments, and the lasting effects of last year’s July unrest. While the government’s reforms agenda is slowly gaining momentum, there are growing calls for faster reform implementation, review of spending on underperforming state-owned enterprises, and the reduction of government debt.
“The current fiscal year, so that is your 2021/22 fiscal year, we’re looking at a deficit of about 6.5% and of course, that’s below the 7.8%. We expect that there’ll be quite a substantial revenue overrun, this could be well over the R25bn mark if not more, and of course, as a consequence of that, we are also not expecting to see significant tax increases announced at this budget either because of the revenue overrun. Following year, 2022/23 fiscal projection, we have that at 5.
South Africa’s Debt-to-GDP currently sits at 69.9%r just over four-trillion rand, while debt servicing costs are hovering around three-hundred-billion rand. Director of Governance and Public Services at Deloitte, Gaba Tabane says the minister will have to address the country’s ballooning debt which is crowding out social spending.
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