SOUTH AFRICA: Emergency budget – as bad as expected

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Finance Minister Tito Mboweni’s supplementary budget – presented today, 24 June – was as bleak as expected. The finance minister coated the terrible fiscal picture in tough talk about the longer-term need for consolidation, but the emergency budget leaves many loose ends, some of which will only be clarified in October’s mid-term budget. Despite talking up overdue structural reforms and infrastructure to boost South Africa’s post-Covid-19 economic recovery prospects, today’s budget seems short on concrete evidence. Runaway deficit The numbers were as bad as expected. The
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