Finance Minister Enoch Godongwana says the government will borrow an average of R553 billion per year over the medium term as a result of rising budget deficits. Delivering the mid-term budget this afternoon, Godongwana announced
“By 2025/26, it will exceed the R6 trillion mark. We now expect gross government debt to stabilise at 77 % of GDP by 2025/26. This is higher than the level we forecast in February. Over the next three years, debt-service costs as a share of revenue will increase from 20.7 % in 2023/24 to 22.1 % in 2026/27,” says Godongwana.Further reductions of R64 billion in 2024/25 and R69 billion in 2025/26 are proposed.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sombre news expected in Godongwana's MTBPS - SABC News - Breaking news, special reports, world,Finance Minister Enoch Godongwana is expected to deliver a gloomy budget.
Source: SABCNews - 🏆 37. / 51 Read more »
Godongwana has to keep a 'tight lid' on spending: Economist - SABC NewsAnalysts say government's finances are under increased pressure.
Source: SABCNews - 🏆 37. / 51 Read more »
Godongwana to deliver MTBPS under 'tough economic situation' - SABC NewsFinance Minister Enoch Godongwana will deliver the policy statement in Cape Town this afternoon.
Source: SABCNews - 🏆 37. / 51 Read more »
'Godongwana's hands are tied with respect to taxes’ - SABC News - Breaking news, special reports,Economist says it will be interesting to see how Godongwana will strike a balance.
Source: SABC News Online - 🏆 32. / 51 Read more »
LIVE: Minister Godongwana delivers MTBPS 2023 - SABC News - Breaking news, special reports, world, business,Minister Godongwana is delivering the Mid-Term Budget Policy Statement.
Source: SABC News Online - 🏆 32. / 51 Read more »
Proposed SABC Bill amendments suggest levy to replace TV licences - SABC NewsNew amendments to SABC Bill make provision for household levy to replace TV licences fee.
Source: SABC News Online - 🏆 32. / 51 Read more »