SA will struggle to return state finances to a sustainable path post-Covid-19 pandemic – expert
This is according to Azad Zangana, the senior European economist and strategist at Schroders, a multinational asset management company with headquarters in the UK. Zangana said increased borrowing throughout the pandemic and future years will inevitably lead to higher levels of debt as a share of GDP for nearly every country.
“Doing so will require tremendous restraint and discipline to enact significant fiscal austerity,” he said. Finance Minister Tito Mboweni said government will need to finance a gross borrowing requirement consisting of the budget deficit and maturing loans of R550 billion. “Fiscal adventurism is not the solution to South Africa’s problems. Fiscal consolidation remains a key pillar of the National Treasury’s strategy. And we do not intend to deviate from it,” said the minister.
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