“For the first time in 17 years, debt will stabilise and it will continue to fall in the coming years. The budget deficit has narrowed significantly and debt-service costs are also falling. “The world has taken notice: SA has been removed from the FATF grey list; we secured our first credit rating upgrade in 16 years and borrowing costs have eased, creating space for growth and development.
“These are signals of restored credibility. Of renewed resilience. And of a nation regaining its footing.“ Finance minister Enoch Godongwana delivered his budget speech to a great reception from much of SA.
He highlighted these world-recognised improvements which we achieved over a relatively short time. These achievements testify to what our country can achieve when there is sufficient political will. This time, that political will was just enough to avoid the total collapse of our economy.
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The formation of the GNU also contributed, pushing the ANC away from the ideological approach to a more pragmatic approach. The level of maturity demonstrated in the GNU is a credit to the ANC and, of course, its partners in government. Coming from a very polarised political and economic history, the formation of the GNU was a decisive step forward.
It was a step towards the normalisation of our society, a noble objective that was sought by the earliest of our liberation struggle heroes. Godongwana extracted a powerful lesson for SA from these improvements.
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