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FinMin Says Fiscal Rules Need Political Support

SOUTH AFRICA
  • Finance Minister Enoch Godongwana admitted that South Africa's political context makes fiscal rules hard to stick but added that his colleagues understood the need to keep a lid on spiralling debt servicing costs. He noted that the decision to introduce a new fiscal anchor "will secure the benefits of fiscal consolidation and ensure that permanent fiscal imbalances do not reappear in a way that requires painful future adjustments."
  • In the debut Macro-Economic Policy Review, the Treasury suggested that it could consider lowering the inflation target of the South African Reserve Bank (SARB), noting the technical work has started on the optimal level and character of the target. It also called on the SARB to be more transparent about the impact of fiscal policy on inflation.
  • ANC Secretary General Fikile Mbalula admitted that the party's cadre deployment policy had certain weaknesses but refused to take the blame for officials overseeing institutions subjected to maladministration and corruption.
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