South Africa: SA Debt Levels to Surge, but Tito Mboweni Vows to 'Close the Mouth of the Hippopotamus'

analysis

South Africa's debt levels will surge during 2020 as the economy contracts over 7% in the face of the Covid-19 pandemic, said Finance Minister Tito Mboweni in his supplemental Budget speech on Wednesday, 24 June. But he vowed to avoid a sovereign debt crisis, which he pointedly warned was looming on the horizon.

Finance Minister Tito Mboweni looked sombre, even ashen, as he stood before the podium on live TV waiting for apparent technical glitches to get sorted just before he delivered his emergency Budget speech. Small wonder, given its contents.

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