South Africa boozes in last chance debt saloon edwardcropley
South African Finance Minister Tito Mboweni said on Oct. 30 this financial year’s budget deficit would widen to 5.9% of GDP, from a previous estimate of 4.5%, as weakening economic growth led to revenue shortfalls.
In his three-year medium-term budget policy statement, Mboweni also lifted his deficit forecast for the year ending March 2021 to 6.5% of GDP, and predicted that total government debt would hit 71.3% of GDP by 2023. Ratings agency Moody’s on Nov. 1 downgraded its outlook on South African government debt to “negative” from “stable”. Its “Baa3” rating is its lowest investment grade. S&P Global Ratings and Fitch Ratings already rate South Africa as sub-investment grade.
South Africa’s benchmark 2026 bond fell sharply after the interim budget, with its yield climbing from 8.2% before the release to as high as 8.6% on Oct. 31. The yield had dropped to 8.475% on Nov. 12.
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