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South Africa faces a slowly worsening chronic fiscal crisis

By Michael Sachs, Adjunct Professor, University of the Witwatersrand

South Africa’s National Treasury has done an excellent job in the 2021 medium term budget policy statement of balancing the fiscal and political pressures forced on it by economic stagnation and the incoherence of government policy. Capital markets cheered for two reasons. First the revenue numbers were substantially better than those presented in the February 2021…

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