South Africa Budget, SARB new MPC member

South Africa’s finance minister recommitted to fiscal restraint in this week’s Budget, but fiscal pressures before and after May’s election are likely to derail the plans. The debt-to-GDP ratio will continue to rise. Meanwhile, reports suggest that President Ramaphosa will soon appoint a new SARB Deputy Governor. With fiscal concerns not abating and the disinflation trend facing some speed bumps, there’s a growing threat that the SARB delays the start of its easing cycle.