Credit rating agency Fitch Ratings has warned that South Africa is not doing enough to contain its rising debt, despite better than expected revenue windfalls.
In a research note published after the national budget on Wednesday (23 February), Fitch said that South Africa continues to breach its expenditure ceilings – pointing to difficulties in containing spending. There is also a risk that recent strong revenue growth may prove temporary, it said.
The country’s improved fiscal performance had already contributed to Fitch’s decision to revise the outlook on South Africa’s BB- credit rating to ‘stable’ from ‘negative’ in December 2021.The budget on […]
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