South Africa's Gordhan faces tough balancing act in budget speech

By Mfuneko Toyana JOHANNESBURG (Reuters) - South Africa's Finance Minister Pravin Gordhan faces a tough balancing act on Wednesday when he unveils a midterm budget meant to boost the sickly economy and show his looming fraud case is not distracting him. Gordhan has said he plans to reduce government spending, raise taxes and cut the budget deficit to 3.2 percent of gross domestic product (GDP) in the 2016/17 fiscal year, from 3.9 percent in the previous year. "There is currently no space to loos