(Bloomberg) -- 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.
To contact the reporter on this story: Prinesha Naidoo in Johannesburg at pnaidoo7@bloomberg.net
To contact the editors responsible for this story: Gordon Bell at gbell16@bloomberg.net, Renee Bonorchis, Helen Nyambura
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