South Africa published Mid-Term Budget Policy Statement today. The country widened deficit forecast for 2019 to 5.9% of GDP while next year’s deficit is expected to rise to 6.5%. Debt is expected to climb to 71.3% of GDP during the next three years. Moreover, the country will provide troubled utility company, Eskom, with a 10 billion ZAR bailout. USDZAR reversed losses and surged around 1.5% on the announcement.
USDZAR surged after Medium-Term Budget Policy Statement was announced. Source: xStation5
