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

South Africa will implement spending cuts of R25-billion ($1.8-billion) and raise revenue by R15-billion in next year's budget to contain growing debt, Finance Minister Malusi Gigaba told Parliament on Wednesday. Gigaba said the extra R40-billion, or 0.8% of GDP, would be used to tackle rising public debt which otherwise could balloon beyond 60% of GDP by 2022.