Too late to avert 44% debt - Treasury

2014-02-27 20:16
The Sarb raised interest rates, keeping in step with attempts by Turkey and other emerging market economies to shore up their currencies. (Shutterstock) ~ Shutterstock

Cape Town - It is too late for South Africa to prevent national debt reaching 44% of GDP within the next two years, finance director general Lungisa Fuzile said on Thursday.

"Debt as a percentage of GDP is not something we target."

"Black participation in our economy is too limited, it needs to increase, and we need to all make efforts to increase entrepreneurship in our society, the number of small businesses in our society, increase competition in our society, but most importantly make our economy more agile to seize opportunities that are before us."

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