Key takeaways |
The Minister of Finance divided the windfall revenue receipts of F21/22 between deficit reduction and spending priorities. This meets our criteria of our Budget Preview titled “Spending the windfall wisely”. |
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Key issues we were watching were mostly in line with our expectations: |
Risks to the MTEF forecast |
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Bond market outlook |
We view the Budget Review 2022 as neutral for the country risk premium and the rand. |
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ICIB’s expectations vs February 2022 Budget Review projections |
