The same underlying trends affecting federal finances will also put substantial pressures on state and local budgets, as organizations like yours have helped to highlight. 4 In Rhode Island, as in other states, the retirement of state employees, together with continuing increases in health-care costs, will cause public pension and retiree health-care obligations to become increasingly difficult to meet.
National Treasury has pronounced on the trajectory for the South African fiscal position in the 2020 Budget Review that the outlook is bleak, which would be the main source of weakness for the domestic sovereign bond market. Well-developed local-currency bond markets allow governments to tap debt markets at potentially favourable terms to counter real economic shocks.