South African budget lacks detail on reform implementation, debt will increase says Moody's

South Africa's budget lacks detail on how and when the government will implement policies to boost economic growth, ratings agency Moody's said, so public debt will likely continue to increase for years. "As a result, we expect the economy will remain subdued and for fiscal consolidation to be slow, sustaining the rise in government debt in the next couple of years," Moody's said in a research report dated October 29.