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Ramaphosa said in his State of the Nation speech on Thursday night:

“Our economy has not grown significantly over a decade. Even though jobs are created, the unemployment rate increases.

“The recovery of our economy has come to a halt as persistent energy shortages have disrupted businesses and people’s lives.

“Several state-owned companies are under pressure, and our public finances are under tremendous pressure”.

Ramaphosa says the state has no choice but to make a plan with its finances.

“Low levels of growth mean that we are not generating enough money to cover our expenses; our debt is on its way to unsustainable levels; and spending is wrongly focused on consumption and debt service rather than on infrastructure and productive activities. ”

When Finance Minister Tito Mboweni delivers his budget speech on February 26, he will give more details on plans the state has made.

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