South African government on Tuesday warned of yet another difficult year on the economic front because it has to service massive debts.
The Treasury briefed Parliament’s standing committee on Finance about the expectant turn on the country’s economic situations.
Speaking n this was the Deputy Finance Minister, David Masondo, who conceded that other departments had to accept huge budget cuts.
While speaking on Tuesday, Mr Masondo says the continued borrowing and increasing debt are having a crippling effect on the economy because it shifts the expenditure from other important budget items, such as infrastructure, to debt service costs.
He says it also cuts out the investment of the private sector since they are borrowing from the same pool, from those services.
Masondo adds that COVID-19 remained at the centre of the current economic situation and the department would be working with other departments in the fight.
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