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National debt of South Africa

From Wikipedia, the free encyclopedia

South African national government budget breakdown for 2019/20. Bugdet short falls such as the area on the income line outlined with a dotted boarder, contributed to the growth of the national debt.
South African national government budget breakdown for 2019/20. Bugdet short falls such as the area on the income line outlined with a dotted boarder, contributed to the growth of the national debt.

The National Debt of South Africa is the total quantity of money borrowed by the Government of South Africa at any time through the issue of securities by the South African Treasury and other government agencies.

As of 2019/20 total South African National debit was R3.18 trillion.[1] The country's debt to GDP ratio in October 2020 was 82.76% by the International Monetary Fund.[2] The South African Treasury projects the national debt to increase to R4.38 trillion in 2022/23 due to expanded government expenditures and slow economic growth.[1]

Roughly 90% of the national debt in 2019/20 was denominated in South African rand thereby reducing borrowing risk due to currency fluctuations.[1] By September 2020 around US$157 billion of South Africa's national debt was externally owned.[3]

At current rates of expenditure and revenue generation it is expected that by 2028/29 the country's debt to GDP ratio will exceed 100%.[4][5] The COVID-19 pandemic saw a notable increase in South Africa's national debt as government borrowing increased to fund economic stimulus and combat the pandemic.[6] Halting the growth, or reducing, the amount of the national budget allocated to paying civil servants is seen as an important part of reducing the growth of the national debt.[7]

External links

References

  1. ^ a b c "Government debt and contingent liabilities" (PDF). South African National Treasury. 26 February 2020.
  2. ^ "Gross debt position : % of GDP". www.imf.org. Retrieved 2021-03-01.
  3. ^ "South Africa External Debt, 1985 – 2021 Data". www.ceicdata.com. Retrieved 2021-02-26.
  4. ^ "South Africa sees government debt exceeding 100% of GDP". 20 June 2020. Retrieved 2021-02-26.
  5. ^ "South Africa sees government debt at 113.8% of GDP in 2029". Moneyweb. 2020-06-20. Retrieved 2021-02-26.
  6. ^ Cohen, Ed Stoddard and Tim (2020-08-31). "Business Maverick: South Africa's odious debt tale". Daily Maverick. Retrieved 2021-02-26.
  7. ^ Friederich, Jan (28 October 2020). "South Africa Debt Stabilisation Depends on Wage Negotiations". www.fitchratings.com. Retrieved 2021-02-26.
This page was last edited on 9 April 2021, at 17:25
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