Budgeting Under Stress

SOUTH AFRICA - Report 27 Feb 2014 by Iraj Abedian
Minister of Finance Pravin Gordhan presented yesterday a balanced budget despite a lack of space for fiscal maneuvers. His eye was clearly on averting another credit rating downgrade. The Minister spoke the right language in (1) containing expenditure and (2) keeping all welfare expenditure increases below or at inflation target. While he made no pronouncements on the public sector wage bill, Minister Gordhan implicitly committed to keeping it under control. Be that as it may, the Minister’s projection that the budget deficit-to-GDP ratio would decline from an estimated 4.0% in 2013/14 to 2...

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