{"id":55921,"date":"2023-11-02T11:45:32","date_gmt":"2023-11-02T11:45:32","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day"},"modified":"2023-11-02T12:03:17","modified_gmt":"2023-11-02T12:03:17","slug":"south-africa-borrowing-r1-5-billion-per-day","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day","title":{"rendered":"South Africa borrowing R1.5 billion per day"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Finance Minister Enoch Godongwana said government spending has exceeded revenue since the 2008 global financial crisis, which puts it on the road to a fiscal crisis.<\/p>\n

Godongwana revealed the country\u2019s dire finances during his medium-term budget policy statement, released on Wednesday.<\/p>\n

These rising annual budget deficits have reached an extent where the government will borrow an average of R553 billion annually over the medium term.<\/p>\n

Put another way, it means that the state will borrow R1.5 billion per day to fill the gap between revenue and expenses.<\/p>\n

As a result, gross debt will rise from R4.8 trillion in the current financial year to R5.2 trillion in the next financial year. By 2025\/26, it will exceed R6 trillion.<\/p>\n

\u201cWe expect gross government debt to stabilise at 77% of GDP by 2025\/26. This is higher than the level we forecasted in February,\u201d the minister said.<\/p>\n

Over the next three years, debt-service costs as a revenue share will increase from 20.7% to 22.1%.<\/p>\n

The cost, or interest, on this debt for next year alone amounts to R385.9 billion. This is more than R1 billion per day.<\/p>\n

Over the medium-term expenditure framework (MTEF), South Africa\u2019s interest costs amount to R1.3 trillion.<\/p>\n

Godongwana explained that South Africa\u2019s debt levels and rising debt service costs are not problems in and of themselves.<\/p>\n

The challenge is that rising debt services costs crowd out important social spending, and the economy has not grown fast enough to support increasing expenditure.<\/p>\n

The situation forced the Finance Minister to deliver a policy statement aimed at avoiding a fiscal crisis and preventing the build-up of systemic risks to the economy.<\/p>\n

\u201cThe decisions we have taken include spending reductions and reprioritisation while also taking concrete steps to support growth,\u201d he said.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Finance Minister Enoch Godongwana said government spending has exceeded revenue since the 2008 global financial crisis, which puts it on the road to a fiscal crisis. Godongwana revealed the country\u2019s dire finances during his medium-term budget policy statement, released on Wednesday. These rising annual budget deficits have reached an extent where the […]<\/p>\n","protected":false},"author":84,"featured_media":55919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-55921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSouth Africa borrowing R1.5 billion per day - South Africa<\/title>\n<meta name=\"description\" content=\"Finance Minister Enoch Godongwana said government spending has exceeded revenue since the 2008 global financial crisis, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Africa borrowing R1.5 billion per day\" \/>\n<meta property=\"og:description\" content=\"Finance Minister Enoch Godongwana said government spending has exceeded revenue since the 2008 global financial crisis, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-02T11:45:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-02T12:03:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/11\/sm_1698913911.353805.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"South Africa borrowing R1.5 billion per day\",\"datePublished\":\"2023-11-02T11:45:32+00:00\",\"dateModified\":\"2023-11-02T12:03:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day\"},\"wordCount\":304,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/11\/sm_1698913911.353805.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-borrowing-r1-5-billion-per-day\",\"name\":\"South Africa borrowing R1.5 billion per day - 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