With South Africa’s increasing debt, there is a lot of concern about its financial future.
, Professor Peter Baur, an economist, said that South Africa’s debt to GDP ratio can increase by up to 70%. Enoch Godongwana, the minister of finance, will announce measures to bring the growing debt under control on Wednesday. GODONGWANA’S MEDIUM TERM BUDGET POLICY STATEMENT
Godongwana’s medium-term budget policy statement will be announced in Parliament on Wednesday, 01 November. This statement sets government policy goals and priorities and outlines spending and revenue estimates. He has indicated that spending cuts and increased borrowing can be expected. Godongwana is expected to try to find a balance between the growing spending needs and the weaker streams of revenue.
According to Baur, the SA government borrows money to fund its projects and this debt must be paid back. This, in turn, means that money originally allocated to other causes or projects, is used to repay this debt.
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