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.
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