Debt soars

2017-05-25 06:00

South Africa’s debt has grown substantially since the financial crisis of 2008 as a result of low economic growth and rising demands on government finances, according to Finance Minister Malusi Gigaba.

Delivering his maiden budget speech in Parliament on Tuesday, Gigaba acknowledged that ratings agencies’ credit opinion is “critical” as they rate public debt which has an impact on South Africa’s ability to borrow and refinance debt.

South Africa’s sovereign credit rating was recently downgraded to sub-investment grade by Standard & Poor’s and Fitch.

Gigaba said the budget deficit for the previous financial year is lower..

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