That’s compared to R5.2trillion projected in February this year and is lower each year from the financial year ending March next year throughout 2025. At the same time, debt as a percentage of GDP had dropped to 70.7%, for 2020/21, compared to 80.3% projected in the February 2021 budget.
In response to the Covid pandemic that ravaged the economy and jobs, government moved to support households by introducing a social relief of distress grant last year. And while the finance minister gave no additional bailouts for troubled SOEs, the pressure they could put on the fiscus remain a concern.
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