SA in a better fiscal position heading into Medium-Term Budget: Absa
The budget will set out the framework for government spending and revenue collection.
Absa, the South African banking giant, has expressed optimism about the country's fiscal situation leading up to the upcoming Medium-Term Budget Policy Statement (MTBPS). Despite a tough economic climate, Absa Senior Economist Miyelani Maluleke notes that the budget will outline the government's spending and revenue strategy for the next three years.
Maluleke points out that recent geopolitical conflicts have negatively impacted global economies, leading to a decline in prices for South Africa's major exports such as platinum and palladium. Additionally, higher import costs for petroleum have put pressure on the economy. However, Absa remains confident that Finance Minister Enoch Godongwana and his team will adhere to their plan to reduce fiscal deficits, lower the country's debt levels, and gradually decrease borrowing costs.
Written by urgent.news from SABC News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
