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PRETORIA: South Africa collected 742.7 billion rand ($96.77 billion)in revenue in the fiscal year ended March 31, compared with a target of 738.7 billion rand, Finance Minister Pravin Gordhan said on Sunday.
Gordhan also said the budget deficit for 2011-12 was now forecast to have narrowed to 4.5 percent of gross domestic product from a February projection of 4.8 percent.
"The preliminary revenue performance has firmed up the forecast 2012 budget projections and therefore removes the requirement for additional borrowing," Gordhan said in a statement.