South Africa Seeks to Rein In Debt, Hold Off Welfare Boost
- Government committed to fiscal sustainability: minister
- Debt, deficit metrics show improvement from February
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South Africa’s Treasury vowed to return state finances to a sustainable path, holding off expanding welfare measures in one of the world’s most unequal societies. Government bonds and the rand gained.
Delivering his first budget since being appointed finance minister in August, Enoch Godongwana set more ambitious targets to rein in debt, reduce loan-serving costs, narrow the budget deficit and cut spending in the coming year, while sticking to a commitment to freeze civil-servant wages.