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South Africa pays R13,473 every second in debt interest

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Award-winning economist Dawie Roodt said South Africa's debt is unsustainable and should be considered a ticking time bomb.
The article from BusinessTech discusses South Africa's escalating debt interest payments, highlighting that the country is now paying R1,347,300 every minute in debt interest, which equates to R13,473 every second. This figure was revealed by Finance Minister Enoch Godongwana during the Medium-Term Budget Policy Statement (MTBPS). The increase in debt service costs is attributed to higher borrowing and rising interest rates. The government's gross loan debt is projected to rise from R4.8 trillion in 2023/24 to R5.2 trillion in 2024/25. This financial burden is putting significant pressure on the national budget, with debt-service costs expected to consume 22.1% of the main budget revenue in the current fiscal year, up from 18.8% in 2020/21. The article also notes that these costs are crowding out essential public spending, exacerbating economic challenges in South Africa.

Read the Full BusinessTech Article at:
[ https://businesstech.co.za/news/budget-speech/816938/south-africa-pays-r13473-every-second-in-debt-interest/ ]