With combined debt rising to over R5-trillion in the financial year 2023/24, SA will pay R269bn in interest to bondholders and other lenders this financial year, rising to R338.6bn in the 2023/24 financial year.
The Treasury warned in its Budget Review document that urgent steps were required to avoid the country entering into a debt spiral and possibly defaulting on repayments. Government has identified R307bn in savings over the next three years, including a R144bn reduction in the wage bill. Learning and culture receives the lion’s share this year at R402.9bn. Social development — which encompasses the payment of various grants — is allocated R335.3bn, and health spending increases to R248.8bn.National departments receive R763.3bn of total allocations this year; provinces will share R639.5bn, while municipalities are allocated R138.5bn.
An amount of R18bn has been allocated to the Infrastructure Fund over the next three years to support the state’s huge infrastructure investment initiatives, expected to drive economic growth.Eskom's affect on economic growth
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