South Africa’s fiscal policy ‘not looking good,’ deputy finmin says

All aspects of South Africa’s fiscal policy “are not looking good,” according to the country’s Deputy Finance Minister, David Masondo.

Rebuilding the South African economy will require more than fiscal policy, Masondo said at a presentation in Johannesburg on Monday, adding that the country’s high debt-service costs are crowding out social spending.

Last week, National Treasury moved to cut government budgets to try and contain debt after the state promised billions of rand to rescue its power utility amid a weak economy that has damped tax collection.

© 2019 Bloomberg L.P.