National Government’s gross loan debt had shown a strong uptrend over the past decade— especially over the latter two to three years. Government’s total marketable debt rose from 32% of GDP in early 2010 to 77% of GDP by mid-2020, before receding to 68% in early 2022. In rand terms, government’s total gross loan debt amounted to R4.5 trillion by end-March 2022, while a rise to around 80% of GDP can be expected by 2027 unless strict containment measures are adhered to.
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