July 23, 2019 / 8:47 AM / 4 months ago

South Africa expects lower tax revenues, higher borrowing this year -finmin

CAPE TOWN, July 23 (Reuters) - South Africa’s 2019/20 tax revenues could be “significantly lower” than budgeted for and it may need to borrow more than planned, Finance Minister Tito Mboweni said on Tuesday, also citing the cost of support for struggling power utility Eskom.

“This could substantially increase the government’s borrowing requirements for 2019/20, which will require government to revise its funding strategy and current weekly bond issuance at levels beyond what we had planned,” Mboweni told parliament on Tuesday.

Reporting by Wendell Roelf; Writing by Emma Rumney; Editing by Catherine Evans

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