Debt drowning

South African government debt could rise by 40 percentage points over the next three years as strong, widespread fiscal pressures and persistently low economic growth weigh on the nation’s credit profile, according to Moody’s Investors Service.

That would push government debt as a percentage of gross domestic product well over 100% and much higher than the 87.4% peak the Treasury projects for 2023-24 under its active management scenario.

Increased spending driven by a R500 billion ($29.6 billion) stimulus package to shore up the economy against the impact of the coronavirus pandemic…

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