Today’s budget showed that South Africa’s public finances are in a better-than-expected shape but the path to stabilise the debt ratio remains narrow. Mounting pressures to provide more fiscal support mean that we think policymakers will increasingly struggle to keep public debt on a sustainable trajectory.
Drop-In (23rd Feb., 15:00 GMT): We’ll be discussing South Africa’s budget, the risks to the country’s debt profile and the potential impact on FX and bond markets in a 20-minute online briefing today. Register here.
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