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The Winners and Losers From South Africa’s $123 Billion Budget

Enoch Godongwana on Oct. 26.
Enoch Godongwana on Oct. 26.Photographer: Dwayne Senior/Bloomberg

South African Finance Minister Enoch Godongwana collected more money than he expected this year because of a jump in commodity prices, which led to better tax collections.

He plans to use some of that extra revenue to reduce government debt and bail out three state companies crucial for the economy. At the same time, the National Treasury remained firm on limiting increases for public-sector workers and will proceed with its carbon-tax plans from next year.