Austere in All But Name as South Africa Spending Attacked
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South African Finance Minister Nhlanhla Nene is delivering an austere budget in all but name.
Even with economic growth this year set to be the slowest since the 2009 recession, Nene is cutting government spending ceilings and said he’s weighing higher taxes. The rand strengthened and bonds rallied, with the 10-year yield falling the most in major emerging markets.