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Rolling deficits push budget into tricky waters

Friday, February 28, 2025 | 380 Views |

Mountains to climb, rivers to cross: Gaolathe is steering the economy through choppy waters PIC: KENNEDY RAMOKONE

The deficits for the current financial year and the next are both far beyond the limits government set for itself. The Finance Ministry is banking on greater spending efficiencies backed by renewed political will to steer a path to stability, but fears abound. MBONGENI MGUNI writes

The golden rule of debt is that you should only borrow what you can afford to pay. One of the country’s financial regulators requires lending institutions to warn clients that “borrowing more than you can afford to repay could lead to severe financial difficulties”.

Vice President and Finance Minister, Ndaba Gaolathe’s inaugural budget speech indicated a forecast deficit this financial year of P24.7 billion and another projected shortfall of P22.1 billion for the 2025-26 financial year.

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