Budget lacks specific details on cutting deficit – Moody’s

Treasury’s revised growth forecasts of 0.9% and 1.7% are still slightly more optimistic than Moody’s own predictions.

South Africa’s budget aims to quickly consolidate spending by cutting a large public sector wage bill, but has not identified specific revenue measures to achieve smaller deficits, Moody’s said on Wednesday.

“Moreover, Treasury’s revised growth forecasts of 0.9% and 1.7% are still slightly more optimistic than Moody’s own predictions of 0.5% for 2016 and 1.5%,” Moody’s senior vice president Kristin Lindow said in a statement.

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