Debt to hit R6.8 trillion by 2027, says Treasury
National Treasury has projected South Africa's debt will climb to over 6 trillion rand in the 2027/2028 financial year.
"By the end of 2023/24, it had actually doubled 16.1%. The debt will continue to increase over the years, and it'll reach about 6.8 trillion in 2027/2028."
Treasury's Marumo Maake was briefing Parliament's Standing Committee on Finance yesterday.
He said between 2009 and 2024, the country's debt rose from 627-billion-rand to 5,3 trillion.
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Maake said it's concerning that debt is growing faster than the economy, which HE said is affecting government spending. "
"It has then started to crowd out spending in other areas. Goods and services, the item that we use to pay for critical, uh, goods and services like medicines, books, and others, has also declined from 15.1% into just about 18.7% in 25/26.
