South Africa faces debt explosion as revenue falls short of forecasts

by MMC
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South Africa’s National Treasury said it would increase borrowing, cut spending and raise taxes to make up for shortfalls, soaring debt servicing costs and rising government payrolls. ‘State.

The government expects to collect 56.8 billion rand ($3.03 billion) less in taxes than expected in the February budget, largely because energy shortages and logistical constraints have reduced the profitability of mining companies, the Treasury said in its mid-term budget policy statement.

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