Moody’s commented after Finance Minister Tito Mboweni tabled his supplementary budget on Wednesday, 24 June 2020. Its statement was headlined “Sharp contraction in GDP and revenue leads to debt spike;”. So the rating agency is not convinced by Treasury’s road map at this point.
The ultimate aim is to achieve a budget surplus by 2023 to begin curbing the rise in debt. Moody’s noted that South Africa’s recent history on this score hardly inspires confidence.
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