South African President Ramaphosa expressed confidence in his government’s fiscal strategy, balancing service spending with efforts to manage the nation’s growing debt. As South Africa approaches its May 29 election, polls suggest the ANC may lose its majority for the first time since 1994. Amidst economic challenges, the National Treasury has opted to use gold reserves for the first time this year to avoid further budget cuts while addressing some of the nation’s debt obligations. The country’s debt-to-GDP ratio stands at around 72%, significantly impacted by above-inflation wage increases for civil servants, which constitute about a third of the state expenditure.