https://en.sputniknews.africa/20240505/south-africa-general-election-ramaphosa-reaffirms-governments-commitment-to-debt-stabilization-1066371481.html
South Africa General Election: Ramaphosa Reaffirms Government's Commitment to Debt Stabilization
South Africa General Election: Ramaphosa Reaffirms Government's Commitment to Debt Stabilization
Sputnik Africa
South Africa's next general election will be held on May 29, and the outcome will determine not only the composition of the lower house and government but also... 05.05.2024, Sputnik Africa
2024-05-05T12:58+0200
2024-05-05T12:58+0200
2024-05-05T12:58+0200
sub-saharan africa
cyril ramaphosa
politics
south africa
african national congress (anc)
elections
southern africa
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South African President Cyril Ramaphosa has expressed confidence in his government's ability to manage the country’s rising debt levels while ensuring essential services are adequately funded.During a recent campaign rally in the Western Cape province ahead of the May 29 elections, Ramaphosa addressed concerns about the country's debt burden and emphasized the government's commitment to fiscal responsibility.Notably, the South African National Treasury's decision to utilize the nation's gold reserves rather than implement further budget cuts has provided some relief.Ramaphosa acknowledged the challenges posed by South Africa's debt-to-GDP ratio, which currently stands at around 72%. Factors such as inflation and civil servant wage increases have contributed to this rise.The government has implemented measures to curb debt-service costs, with the Treasury predicting a significant decline in the coming years. This, coupled with a revised projection for the debt-to-GDP ratio, suggests a positive trajectory towards fiscal sustainability.
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cyril ramaphosa, politics, south africa, african national congress (anc), elections, southern africa
cyril ramaphosa, politics, south africa, african national congress (anc), elections, southern africa
South Africa General Election: Ramaphosa Reaffirms Government's Commitment to Debt Stabilization
Muhammad Nooh Osman
Writer/Editor
South Africa's next general election will be held on May 29, and the outcome will determine not only the composition of the lower house and government but also the nation's president. In South Africa, the leader of the party that won the general election becomes the country's new president.
South African President Cyril Ramaphosa has expressed confidence in his government's ability to manage the country’s rising debt levels while ensuring essential services are adequately funded.
During a recent campaign rally in the Western Cape province ahead of the
May 29 elections, Ramaphosa addressed concerns about the country's debt burden and emphasized the government's commitment to fiscal responsibility.
"Through the policies we have executed, particularly this year, we have maintained a fairly good prudent macroeconomic approach to manage our debt while ensuring that we make available resources for services that need to be delivered to our people," Ramaphosa told supporters of the ruling
African National Congress (ANC).
Notably, the South African National Treasury's decision to utilize the nation's gold reserves rather than implement further budget cuts has provided some relief.
Ramaphosa acknowledged the challenges posed by South Africa's debt-to-GDP ratio, which currently stands at around 72%. Factors such as inflation and civil servant wage increases have contributed to this rise.
"Debt is one of the concerns that we have as a government," the ANC leader said. "We don’t want our debt to balloon to unmanageable levels to a point where we will not be able to deliver services."
The government has implemented measures to curb debt-service costs, with the Treasury predicting a significant decline in the coming years. This, coupled with a revised projection for the debt-to-GDP ratio, suggests a positive trajectory towards fiscal sustainability.
