Budget 2024: Treasury taps reserve to deal with debt
Debt service costs in 2023/2024 increased by R15.7bn to R356bn, Godongwana says in parliament
21 February 2024 - 14:55
The National Treasury will tap the Gold & Foreign Exchange Contingency Reserve Account (GFECRA) by drawing down R150bn to reduce borrowing costs, finance minister Enoch Godongwana said on Wednesday.
“We will draw down R150bn of the GFECRA balance once we have ensured that sufficient buffers are available to absorb exchange rate swings and the solvency of the Reserve Bank is not compromised,” Godongwana said as he delivered the last budget of the sixth administration...
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