In a pivotal pre-election budget, South Africa's Finance Minister Godongwana has embarked on a balancing act, aiming to maintain fiscal discipline while introducing voter-friendly policies. The budget, crucial ahead of what is anticipated to be the tightest election in three decades, involves tapping into a third of the country's gold and foreign-exchange reserves. This move is designed to manage the nation's significant debt levels, while also increasing expenditure on essential services such as education and healthcare, specifically boosting spending on teachers, nurses, and bolstering welfare through increased spending on social grants. The strategy includes a hike in taxes, indicating a squeeze despite the benefits outlined. This budget marks Godongwana's last before the national election in May, positioning it as a strategic maneuver to support the ruling African National Congress.
South Africa plans to hike taxes and increase spending on social grants ahead of a general election in May amid sluggish growth and high debt, the government said on Wednesday ⬇️ https://t.co/W1OysYGcnW
South Africa's budget largesse is good news for the ruling African National Congress with three months to go before elections https://t.co/dZJmkZJuiz
South Africa's finance minister has delivered his last budget before a national election in May The cash-strapped government plans to tap gold and currency reserves to steady eye-watering debt @jennzaba has the key takeaways https://t.co/p4r0Go7fYi https://t.co/qcE1QSVNK6
South Africa will use a third of its gold and foreign exchange reserves to manage runaway debt and create spending room in an election year. https://t.co/eKKTXl4jrz
South Africa targets gold and currency reserves in pre-election budget https://t.co/8sHx5Yyqcw
From taxes to spending and growth forecasts, here are the highlights of South African Finance Minister Godongwana’s budget https://t.co/b3Ynj4d935
South Africa delivered clear winners in its budget, but squeezed more revenue out of taxpayers. Here’s who’ll benefit from the pre-election budget https://t.co/lomayBtKcC
South Africa’s Finance Minister Godongwana taps the country’s gold and foreign-exchange reserves to steady its eye-watering debt, while boosting spending on teachers, nurses and welfare in a critical election year https://t.co/2UBGmi2wgY
South Africa's finance minister faces the tough task of balancing fiscal discipline with voter friendly policies in the budget that's being presented ahead of the the tightest election in three decades https://t.co/LPva9Yji1K
South Africa's Finance Minister Enoch Godongwana needs to conjure an annual budget that balances spending pressures stemming from this year’s elections with National Treasury’s commitment to stabilize its finances https://t.co/Fth9Nz8XkT