Bloomberg News

South Africa Committed to Reducing Budget Deficit, Weimar Says

October 25, 2011

Oct. 25 (Bloomberg) -- Nicky Weimar, an economist at Johannesburg-based Nedbank Group Ltd. made the following comments following the release of South African Finance Minister Pravin Gordhan’s mid-term budget today:

“There is a continued commitment to fiscal prudence.

‘‘The overall aggregate numbers might be slightly worse than anticipated but are generally respectable and make the best of the situation.

‘‘The revenue has disappointed. The reality is there is not much you can do about it and that is a concern.

‘‘My sense is not that they are reckless about it, they are concerned about it. They remain very, very committed to contain spending and slowly chip away at the debt burden.

‘‘It’s probably not what they wanted to put out there but under the circumstances it’s not the worst set of numbers you could have had.’’

--Editors: Gordon Bell, Nasreen Seria

To contact the reporter on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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