Access Request:

The figures from this budget appear overwhelmingly positive. The revenue outturn for FY ‘22/23 so far is particularly positive, as is the upward revision of NAD4.4 billion for this year. It appears that domestic sources of revenue have been far more resilient than expected despite the protracted economic challenges since ’15, further boosted by the increased mining activity (and weaker rand). However, we are concerned that revenue forecasts are overly optimistic and expenditure forecasts are too conservative, thereby distorting the outlook for debt issuance, interest expense and overall fiscal sustainability. However, we would happily be proven wrong on these views.