Medium Term Budget Policy Statement showcases fiscal consolidation gaining traction

SOUTH AFRICA - Report 22 Oct 2026 by Iraj Abedian

Beyond the infrastructure agenda, the 2026 MTBPS reinforces government's commitment to fiscal consolidation and debt sustainability. The National Treasury confirmed that gross government debt stabilized at 78.4% of GDP in FY2025/26, compared with the 78.9% projected in the February Budget. This represents an important turning point following almost two decades of rising public indebtedness. Gross debt is now projected to decline gradually to 76.6% of GDP by FY2029/30, supported by sustained primary budget surpluses and a narrowing overall deficit.

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