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S. Africa Sees Debt Peak at 77.6% of GDP in '26, Lifts 23-24 Bond Issuance Target

SOUTH AFRICA
Finance Minister Enoch Godongwana is delivering the Medium-Term Budget Policy Statement. Below are some highlights (via BBG):
  • S. Africa sees debt peak at 77.7% of GDP in '26; saw 73.6%
  • S. Africa lifts bond issuance targets; 23-24 seen rising by 14%
  • S. Africa sees 2023 economic growth at 0.8%; saw 0.9%
  • S. Africa expects 2023-24 tax revenue shortfall of 56.8b rand
  • S. Africa to announce 15b rand of tax measures in Feb.
  • S. Africa’s Eskom will have to pay interest on debt-relief loan
  • S. Africa to extend covid welfare grant by one year
  • S. Africa sees budget gap at 4.6% of GDP in '25; 4.2% in '26
  • S. Africa sees 2023-24 budget gap at 4.9%/GDP; saw 4% in Feb
See the full MTBPS and relevant documents here.

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