November 22, 2017 / 2:30 PM / 23 days ago

South Africa to stabilise debt in next year's budget: Gigaba

CAPE TOWN (Reuters) - South Africa will implement spending cuts of 25 billion rand ($1.8 billion) and raise revenue by 15 billion rand in next year’s budget to contain growing debt, Finance Minister Malusi Gigaba told parliament on Wednesday.

Finance Minister Malusi Gigaba speaks to members of the media after delivering his medium term budget speech in Parliament, in Cape Town, South Africa, October 25, 2017. REUTERS/Sumaya Hisham

Gigaba said the extra 40 billion rand, or 0.8 percent of GDP, would be used to tackle rising public debt which otherwise could balloon beyond 60 percent of GDP by 2022.

($1 = 13.8930 rand)

Reporting by Wendell Roelf; Editing by Joe Brock

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