“We heard enough about job creation... where are the jobs president, it's 3 years now promising us food.”
President Cyril Ramaphosa says the country spends more on debt repayments than it does on health. Only education and social development get more of the budget, he says.This week's edition of President Cyril Ramaphosa's newsletter to the nation has been met with mixed reactions.“The budget presented by finance minister Tito Mboweni last week presents a sobering assessment of the state of our economy. Put simply, we are spending far more than we are earning.
He said the latest figures indicated that change needed to happen or “there will be even more difficult times ahead”. “As a result, we are borrowing more and more, and the cost of servicing that debt is rising. In fact, debt service costs are now the fastest-growing area of expenditure. “We spend more on debt repayments than we do on health. Only education and social development get more,” he said.
Ramaphosa added: “We are fixing our public finances to make inclusive growth and job creation possible. Such times call for us to be realistic, not dogmatic. They call for co-operation, not conflict. Compromises and trade-offs will have to be made,” he said.
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