Finance minister Tito Mboweni’s medium-term budget policy statement [mini-budget] shows consolidated government expenditure will reach R6.3-trillion over the next three years.
Of that, a staggering R796bn will go towards servicing the country’s debt, which is now at R3-trillion and will balloon to R4.5-trillion in the next three years.
Here’s the mini-budget in numbers
R6.3-trillion – government expenditure over the next three years;
R3-trillion – consolidated national debt in 2019/2020;
R4.5-trillion – consolidated national debt by 2022/2023;
R204bn – debt-service costs in 2019/2020;
R796bn – debt-service costs over the next three years;
70% – debt-to-GDP ratio;
0.5% – GDP growth revision downwards;
6.2% – consolidated budget deficit in 2020/2021;
R23bn – increase in non-interest spending since the budget in February;
R3-trillion – expenditure on education, social development and health over the next three years (three biggest spending items);
R230bn – bailouts to Eskom over the next 10 years.