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South Africa's debt could double in 5 years

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South Africa’s debt levels will be more than 100% of gross domestic product by 2024-25, rising to almost 114% by 2028-29, according to a document presented by Finance Minister Tito Mboweni saw Bloomberg news service.

Mboweni made the submission to the National Council for Economic Development and Labor on Friday, according to posts on his Twitter and Facebook page.

This shows that gross government debt will increase to 80.5% of gross domestic product in the current financial year, compared with a forecast of 65.6% in February.

There is no sign of stabilization by 2028-’29.

On June 24, Mboweni will present a special supplementary budget that reflects the devastation of the coronavirus on the economy, as well as plans to announce a stimulus package of R500 billion.

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