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Mboweni warns SA is in 'danger zone', raising examples of Greece and Ecuador

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Minster of Finance, Tito Mboweni delivers the mid-term budget review in Parliament on October 28, 2020 in Cape Town.
Minster of Finance, Tito Mboweni delivers the mid-term budget review in Parliament on October 28, 2020 in Cape Town.
Gallo Images/Jeffrey Abrahams

Minister of Finance Tito Mboweni told Parliament on Thursday that his medium-term budget policy statement's five-year horizon for the stabilisation of South Africa's debt was critical to making sure that the country's debt does not breach a hundred percent of its GDP.

Mboweni was briefing Parliament's Standing Committee on Finance, Select Committee on Finance, Standing Committee on Appropriations and the Select Committee on Appropriations on the medium-term budget policy statement he tabled on Wednesday.

The medium-term budget policy statement was tabled in the context of economic ructions from years of underperforming in GDP and job creations, which was further worsened by the Covid-19 pandemic.

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