Growing debt costs thwart Treasury’s plan to slash budget deficit
Rising debt-service costs mean there is less left over for social development, health, economic development and security
01 November 2023 - 14:22
The National Treasury reaffirmed its commitment to consolidating public finances to narrow the budget deficit on Wednesday, but with government debt growing at a much faster pace — and the newly issued debt becoming more expensive to service — rising debt-service costs have pushed borrowing across the economy.
Speaking at a media briefing ahead of the tabling of the medium-term budget policy statement (MTBPS), deputy finance minister David Masondo said debt has grown much faster than the economy and newly issued debt has become more expensive to service...
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