South Africa to stabilise debt in next year’s budget: Gigaba

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South Africa's Finance Minister Malusi Gigaba looks on as he speaks during the Thomson Reuters economist of the year awards in Sandton, South Africa July 13, 2017. REUTERS/Siphiwe Sibeko

CAPE TOWN (Reuters) – South Africa will implement spending cuts of 25 billion rand ($1.8 billion) and raise revenue by 15 billion rand in next year’s budget to contain growing debt, Finance Minister Malusi Gigaba told parliament on Wednesday

Gigaba said the extra 40 billion rand, or 0.8 percent of GDP, would be used to tackle rising public debt which otherwise could balloon beyond 60 percent of GDP by 2022.

($1 = 13.8930 rand)

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