Economics
Mboweni’s Tough South African Budget Task Laid Out in Charts
- Markets seek measures to stabilize debt, narrow fiscal gap
- Wage bill, state company aid and taxes to feature in plans
While the cabinet backs Mboweni’s plans to target a primary budget surplus by 2023-24, any austerity measures are likely to face opposition, including from politically influential labor groups.
Photographer: Dwayne Senior/BloombergThis article is for subscribers only.
South African Finance Minister Tito Mboweni will have to balance finding money to help Africa’s most-industrialized economy recover from its longest recession in three decades, bail out state-owned companies and fund civil servants’ pay increases with pledges to rein in government debt and shrink the budget deficit.
These charts show the tough task Mboweni faces when he presents the country’s third set of budget plans this year on Wednesday.