The National Treasury outlined its money-saving plan for South Africa to avert a budget blowout.
South Africa’s National Treasury proposed introducing a new fiscal anchor as part of measures to contain rising debt and regain the country’s fiscal credibility.
Curbing spending will be a tough task for South Africa’s governing African National Congress, given that it’s due to contest elections next year and opinion polls show it’s in danger of losing its national majority for the first time since it took power in 1994. Regaining long-run “fiscal credibility will require South Africa to adopt fiscal rules,” which include anchors such as a debt ceiling or primary balance target and stronger budget processes, like life-cycle costing for capital projects
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