South African government debt neared 100% of the National Treasury’s forecast for the fiscal year through March 2022 within seven months, heightening the risk that liabilities may overshoot official estimates. Gross debt amounted to R4.2-trillion, or 97.3% of the government’s estimate by October 31, according to the South African Reserve Bank’s Quarterly Bulletin published on Wednesday. The National Treasury revised its debt projection for the current fiscal year to R4.31-trillion, or 69.9% of gross domestic product, in last month’s medium-term budget policy statement from its February estimate of R4.38-trillion.
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