October 30, 2019 / 12:11 PM / 21 days ago

South Africa projects wider budget deficits, higher debt

CAPE TOWN, Oct 30 (Reuters) - South Africa forecast wider budget deficits for the current 2019/20 fiscal year and the next two years amid weak economic growth, shortfalls in revenue and bailouts of struggling state-owned companies, the Treasury said on Wednesday.

In a medium-term budget policy statement, the Treasury said the budget deficit was likely to reach 5.9% of gross domestic product (GDP) in the 2019/20 fiscal year, which began in April, from a previous estimate of 4.5%. The projected deficit would be the highest since 2009/10.

Reporting by Olivia Kumwenda-Mtambo, Wendell Roelf, Mfuneko Toyana, Editing by Angus MacSwan

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