The tabling of South Africa’s Medium Term Budget Policy Statement (MTBPS) reaffirmed the country’s commitment to
fiscal consolidation, which resulted in the ZAR being relatively unmoved by this risk event. Structural reforms were
emphasised, especially in energy, with initial private sector involvement at Eskom helping to reduce load-shedding.
Despite weak tax revenue, disciplined fiscal policy persists, with a potential new spending constraint mechanism
expected in the next budget.