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- In 2022/3, the government spent more money servicing its debt than it paid for health services
- Over the next 3 years, the government will spend R1.1-trillion to pay off the interest and part of its debt
- 14% of its total budget of R2.17-trillion was allocated in 2022/3 on servicing its R4.7-trillion debt
South Africa spends more on servicing its R4.7-trillion debt than it spends on any other service, bar education and social grants. In 2022/3, it spent R307.2-billion honouring its debt – R47.7-billion more than it spent on health and R79-billion more than it spent on safety and security. The only two other items in its R2.17-trillion budget that cost the government more are social welfare (+R51-billion) and education (+R127.9-billion). The government says it has set aside R1.1-trillion to service its debt in the next three years. Fuelled by pandemic borrowing and slowing economic growth, government debt increased by R792-billion between 2020/1 and 2022/3.
— 28 September, 2023Subscribe to the weekly newsletter for more charts like this
