JOHANNESBURG - South Africa’s public debt, which is approaching rating agencies’ red line of 60% of economic output, is reaching uncomfortable levels, an IMF official said on Thursday.
In July, the government said it would give power utility Eskom R59 billion of additional financial support over the next two years, on top of an already-promised bailout of R230 billion spread over the next decade.Finance Minister Tito Mboweni warned shortly afterwards that this and other bailouts for state firms would almost certainly push up the budget deficit as well as state borrowing, raising the prospect of emergency external loans.
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