Deficit
latest news & developments
Godongwana trims spending, lowers growth forecast
In his third prepared budget for the year, the minister said government debt would still stabilise this year but at 77.4% of GDP, higher than predicted in March
Godongwana clings to VAT increase but halves initial proposal
The minister conceded that the measure did not have support across the political spectrum
Godongwana tackles debt using tax revenues from commodity surge
The Covid-19 pandemic led to an unprecedented widening of the budget deficit and a spike in debt stock but a commodity price surge gave the treasury room to breathe.