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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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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