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South Africa to Borrow More As Revenue Falls - Medium-Term Budget

To shore up revenue and be able to meet South Africa's growing spending requirements, the government plans to increase its borrowings - making it difficult to stabilise and reduce its indebtedness, writes Ray Mahlaka for Daily Maverick.

Finance Minister Enoch Godongwana presented the Treasury's Medium Term Budget Policy Statement in Parliament on November 1, 2023.

The government's revenue from tax collections has declined since the February 2023 Budget was presented as economic conditions in South Africa have since worsened, pushing it to find new sources of money. To this end, the government plans to increase its borrowing requirements from R515.6-billion to R563.6-billion during the 2023/24 fiscal year, the Medium-Term Budget Policy Statement review documents show.

Ashraf Hendricks / GroundUp (CC BY-ND 4.0)

Protesters outside Parliament urged the Minister of Finance not to implement budget cuts, November 1, 2023.

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