Eish! South Africa’s national debt now averages more than R55 000 for every living citizen. But who has racked up the numbers, and where does it go?
Is there any better summary for South Africa’s woes than a giant ticking clock on a bleak background?
The “debt clock” – monitored and calculated by currency specialists commodity.com – is adding up all the interest payments South Africa owes, in a second-by-second breakdown.
The hypnotic, if not utterly perturbing counter has taken its data from the yearly budget forecast announced by the Treasury last month. It takes into account the interest payments owed by Mzansi on an annual basis and breaks it down into excruciating detail: The facts and figures provided by the debt clock are somewhat hair-raising.
How much debt does South Africa have?
- Interest payments per year: R172.8 billion
- Interest payments per second: R5 479.
- National debt as of Tues
Continue reading…