South Africa recorded a primary budget deficit of R1.53 billion, in the fiscal year through March 2023, the National Treasury said in an emailed response to questions, citing preliminary data.
The narrow miss shows that the Treasury continues to face challenges bringing revenue back in line with expenditure years after South Africa’s public finances were weakened by an era of government graft and after the coronavirus pandemic curbed tax income and led to an increase in The rand retraced some of its gains to trade 0.6% stronger at 18.2987 per dollar by 4:33 p.m. in Johannesburg. The yield on South Africa’s benchmark 2035 debt climbed seven basis points to 11.
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