Economics
S. Africa Won’t Meet Debt Targets, President’s Council Says
- Focusing excessively on debt reduction could curb growth
- Government needs to drop ideology hindering renewable power
South African President Cyril Ramaphosa
Photographer: Phill Magakoe/AFP via Getty Images
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South Africa won’t be able to meet its finance ministry’s debt targets and it may be undesirable for it to attempt to do so when the economy is being battered by the fallout from the coronavirus, according to an advisory panel appointed by President Cyril Ramaphosa.
In a more than 100-page document advising the government on an economic recovery program that Ramaphosa is due to unveil on Oct. 15, the President’s Economic Advisory Council said spending cuts could hold back growth and have other adverse consequences.