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South Africa is facing a debt crisis

The former head of the National Treasury’s budget office, Michael Sachs, has warned that South Africa is facing a debt crisis. Not that we didn't really see this coming but we were very suspicious of the borrowing of the government, but the fans kept on disappearing.

That is the issue that many people have actually had and unfortunately these are the results of his actions, so it is very distressing and the people of this country are going to be in departed.

They keep paying huge amounts of money in order to just get by and it is very concerning, unfortunately this is the incident that you are experiencing in the country.

He noted that an increase in debt servicing costs results in ‘crowding-out effects’ such as a high fiscal risk that raises interest rates for the government and average South Africans, unfortunately this is that that that is going to be incurred by the common people who are going to be paying all these monies in order to bail the government out of its mess.

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Michael Sachs National Treasury South Africa


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