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
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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