South Africa’s Mboweni Must Revive Economy While Trimming Budget
Bloomberg 2/22/2021 Prinesha Naidoo and Sarina Yoo
(Bloomberg) South African Finance Minister Tito Mboweni will have to show commitment to curb spending and rein in debt in this week’s budget, while finding ways to revive an economy that probably contracted the most in nine decades last year.
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Mboweni will present the government’s spending framework for the next three years on Wednesday, after the coronavirus pandemic ravaged Africa’s most-industrialized economy, increasing the strain on already stretched public finances and even forcing the ruling African National Congress to end its long-held resistance to borrowing from the International Monetary Fund.
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Mboweni must curb govt spending, reduce debt while reviving economy
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