# National Treasury director-general Duncan Pieterse says geopolitical tensions have made it more challenging to deliver on South Africa’s fiscal targets, while ensuring that critical social spending is protected. The fiscal strategy has been anchored by stabilising the debt-to-gross domestic product ratio in the 2025/2026 fiscal year and then reducing it. Pieterse says despite the geopolitical upheavals, the country is on track to deliver on its fiscal strategy. He adds that fiscal credibility must be combined with the reforms required to support higher economic growth, investment and faster job creation.
Treasury says, despite geopolitical tensions, South Africa is on track to deliver on its fiscal strategy