In other news, South African Finance Minister Godongwana must balance election-year spending demands with fiscal stability goals in his upcoming budget. This task is intensified by the ANC’s risk of losing its national majority for the first time in 30 years amid fading revenues and rising public debt. With government debt expected to peak at a higher level and later than expected, Barclays estimates it will increase from 71% of GDP in FY22-23 to 75% in FY23-24, reaching 78% by 2027 and then slightly decreasing to 76% by 2031.