South Africa's increasing debt under the spotlight - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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ICYMI: Government’s debt currently stands at R4.7 trillion and debt servicing costs stand at R355 billion rand a year. However, what does it mean to have debt of nearly R5 trillion? What does it mean for the average South African?

FILE PHOTO: A street money changer counts South African rands.

R4.7 trillion is 4.7 with eleven zeros at the end. How many can fathom what this number looks like, let alone how much money it would be if printed out? That is the amount government owes to its debtors. It is money the state borrowed to take care of its priorities.“If we work for a year for free, we will have to work until September all of us, just to pay back the debt incurred on our behalf,” he says.

“What could be done to improve service delivery of R355 billion debt service costs per year? If you assume a school costs R500 million rand, you could build 710 new schools. If you assume a hospital costs R1 billion, you could build 355 new hospitals. It gives you an idea of the huge amounts involved in public finances,” says Swart.

“Yet gov is taking on more debt, from failed SOE’s and this money could’ve gone to more schools, hospital. Even if you just take the debt servicing costs, it could have made a huge difference. Less money for basic services and infrastructure development. It means if sick and you go to hospital there is no meds, it means when you need the police they come seven hours later because no vehicles. It means students must work at night because NSFAS is not giving them enough money.

 

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It's part of resentment that we will feel in coming years...the effect of reparations is too much to bear

It means that it's time to get rid of the demonic ANC especially Demon Cyryl Ramaphosa and his cronies .

If you need a gardner, handyman or cleaner, please consider me 🙏. You can even use me as a servant boy doing any odd jobs 🙏. Just as long as I feed my family. My children have been sleeping hungry for almost a week now and I feel helpless as a father💔😔

If you are to take debt, it must be for investment purposes and those investments must certainly pay a return. However, that's not what I'm seeing with most SA SOEs. We can't be paying taxes for them to be bailed out; only to be bailed out again the following year. It's not fair.

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