South Africa’s ballooning debt took center stage at the 2024 budget, with the government left with few options to manage it.
The South African government is facing a significant obstacle that is adversely impacting the country’s economy: trying to manage its increasing debt.
This is argued in the 2024 national budget, saying that it enables the government to attempt to stabilise certain areas to finance critical components of the country that have been neglected due to excessive borrowing. As a result, debt-service costs will decline by R30.2 billion over the 2024 Medium Term Expenditure Framework period.
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