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Disappointing budget will make few happy

For the poor it implies an unequal sharing of the burdens of maladministration and crisis

Five years ago to the day, Pravin Gordhan presented his budget. In the wake of the “weekend special” debacle of December 2015 capital markets were jittery, with yields on 10-year government bonds peaking at just more than 10%. In March 2020 yields breached the 12% mark. Even in 2016 debt service costs (at 12c of every rand spent) were a big concern...

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