The PBC indicates that the budget deficit is projected to narrow, as National Treasury moderates government spending in order to stabilize public debt at approximately 40 per cent by the 2015/16 financial year. This will not assist in speeding the recovery and stemming the tide of job losses. The budget deficit is projected to be 3.2 per cent by the 2013/14 financial year. The structural budget deficit, which takes out cyclical effects, is projected to be 3 per cent.