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Treasury warns South Africans to expect another tough economic year

The finance department has shared the bleak outlook in a briefing on its annual performance plan to Parliament’s Standing Committee on Finance.

FILE: Deputy Finance Minister David Masondo. Picture: @TreasurySA/Twitter.

JOHANNESBURG - Treasury said that South Africans could expect another tough economic year as it continued to service massive debt.

The finance department has shared the bleak outlook in a briefing on its annual performance plan to Parliament’s Standing Committee on Finance.

Deputy Finance Minister David Masondo said that they had to shift expenditure from other important budget items, such as infrastructure, to debt service costs.

Masondo said that continued borrowing and growing public debt were having a severe impact on the economy.

He said that this had come at a heavy cost for other departments who had had massive budget cuts.

"Because it shifts the expenditure from other important budget items, such as infrastructure, to debt service costs, but it also cuts out the investment of the private sector since we are borrowing from the same pool, from those services."

Masondo said that COVID-19 remained at the centre of the current economic situation and the department would be working with other departments in the fight.

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