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Sovereign debt: A crisis of biblical proportions for the Mboweni-led Treasury

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When Finance Minister Tito Mboweni tabled his 2020 medium-term budget policy statement MTBPS on Wednesday, he made no bones about the possibility that he may have had to draw strength from the Bible to tell South Africa of the grim realities the nation found itself in.

The minister wrapped the speech up by citing the Gospel of John, Chapter 12, Verse 35 in the New International Version of the Holy Bible: "You are going to have the light just a little while longer. Walk while you have the light, before darkness overtakes you. Whoever walks in the dark does not know where they are going."

With little fear of exaggeration or hyperbole, Mboweni told Parliament that the economy was expected to contract by 7.8% this year, and that the 2021 economic outlook was all the more uncertain.

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