South Africa’s debt levels will exceed 100% of gross domestic product in 2025 and rise to almost 114% before the end of the decade, according to a document presented by Finance Minister Tito Mboweni
JOHANNESBURG - and seen by Bloomberg.
It shows preliminary estimates of gross government debt climbing to 80.5% of gross domestic product in this fiscal year, compared with a projection of 65.6% in February. Mboweni is due to present a special supplementary budget on June 24, which will include the redirecting of 130 billion rand of spending to help fund a 500 billion-rand rescue package announced by President Cyril Ramaphosa.
“The budget process is in its final stages and still being finalized,” Treasury spokeswoman Mashudu Masutha-Rammutle said by text message. “This includes data and estimates. In this regard, any information published now, especially from unverified leaks, is potentially inaccurate compared to what will be tabled.”
Public-sector debt may rise to 6.4 trillion rand over the next three years, Martin Kingston, vice president of business group B4SA, said in a presentation at Friday’s meeting. The country’s borrowing need may be as high as 3.4 trillion rand over three years including private sector needs, he said.
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