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..


Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.