South Africa’s recent success in rebuilding fiscal buffers that were eroded by mismanagement means the country is better positioned to navigate a deteriorating global economic outlook, Reserve Bank governor Lesetja Kganyago said.
The International Monetary Fund this week cut its forecast for global growth next year, warning that about a third of the world’s economy risks contracting as efforts to cool the hottest inflation in decades may add to the damage wrought by the war in Ukraine and China’s slowdown.
Public finances rapidly deteriorated during former President Jacob Zuma’s almost nine-year rule, when graft became endemic and public procurement budgets were looted. Loss-making state companies, including Eskom Holdings, received a series of bailouts and the government repeatedly failed to contain its wage bill.
The shortfall in the primary budget, South Africa’s most critical fiscal anchor, narrowed more than expected in the year through March 2022, and the ratio of government debt to gross domestic product also beat the National Treasury’s estimates, central bank data show. The Treasury is due to present a budget update on Oct. 26.
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