Backed against the wall by a mountain of debt, the National Treasury has played its last ace by arranging to draw down R150bn in Reserve Bank valuation profits — a move that saves the 2024 national budget and flatters the fiscal picture. 

Now, instead of the gross debt ratio peaking at nearly 80% of GDP next year, the Treasury is charting a fresh path that has the debt ratio stabilising at about 75% in the same year. ..

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