Budget preview February 2022 – Spending the windfall wisely

Key issues we are watching
  • The size of the revenue overrun in FY21/22
  • The increase and composition of spending in F22/23 in the context of normalisation in economic activity 
  • The primary balance deficit and gross debt-to-GDP trajectory over the MTEF period
  • More details on lifting blockages in the economy

Bond supply in F22/23

ICIB’s expectations vs November 2021 MTBPS projections



Rates quoted are indicative and subject to market movements.