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Moody’s raises concerns after Budget speech

It said risks remain skewed towards a higher debt path given challenges in increased spending and persistent risks to growth.

Picture: Facebook.

JOHANNESBURG - Ratings agency Moody's has on Thursday highlighted a number of concerns following Finance Minister Tito Mboweni’s budget.

It said risks remain skewed towards a higher debt path given challenges in increased spending and persistent risks to growth.

It’s also concerned about the uncertainty surrounding negotiations with unions to reduce the wage bill.

Mboweni has unveiled the plan to cut the public sector wage bill by R160 billion, with unions vowing to fight this.

Moody's also said even if government hit its planned spending restraint with a deficit of 1.1% of GDP by 2022, this would still be too wide to stabilise the debt burden.

It’s the only one of the three major ratings agencies to have South Africa at investment grade.

WATCH: Budget 2020 in 60 seconds

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