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Business for SA warns SA will need foreign capital to fund budget

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Funds raised outside the domestic market significantly heighten risk of a sovereign debt crisis

Business for SA has warned that the government will be unable to fund the budget from domestic savings over the next three years, making it necessary for the country to raise a far larger portion of capital in foreign markets.

The warning comes as finance minister Tito Mboweni prepares to table a supplementary budget in parliament on Wednesday, made necessary by additional spending because of the Covid pandemic and a dramatic collapse of tax revenue.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

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Business for SA warns SA will need foreign capital to fund budgetFunds raised outside the domestic market significantly heighten risk of a sovereign debt crisis
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