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South African Government to Use Foreign Reserves to Pay Off Debt
Manage episode 402582978 series 2908425
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The South African government has announced that it's tapping into its foreign reserves to try to reduce its enormous debts. The unusual move was announced by the finance minister, Enoch Godongwana, as he gave his budget speech in Cape Town. South Africa's current borrowings are the highest since 1947 and more money is spent servicing the debts than on education and health. The opposition has accused the governing ANC party of trying to sway voters ahead of the general election in May, which could see the party lose its majority for the first time since the end of apartheid 30 years ago.
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