South Africa

South Africa 2022 Budget: The worst is in the rearview

  • Further improvement in deficit targets, with debt now stabilising 1 year earlier and 3pp lower than November forecast

  • Driven by revenue windfalls, with 55% used to fund temporary spending measures and 45% used to reduce deficit

  • We upgrade from Hold to Buy on local government debt, maintain Hold recommendation for South African hard currency debt
February 24th, 2022
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