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Mboweni’s increased debt projections weaken bond market

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Tito Mboweni said the Treasury expects the country’s debt to be close to 81.8% of GDP by the end of this fiscal year

A wider than initially expected budget deficit forecast could see the National Treasury dig deeper into the the local bond market in an effort to finance its mounting debt.

Finance minister Tito Mboweni said in the supplementary budget on Wednesday that the Treasury expects the budget deficit to be 15.7% of GDP in the 2020/2021 fiscal year, compared to its initial forecast of 6.8%.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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