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Annual Borrowing Plan

Outstanding Government Debt
Total national government debt
End of period 2023/24 2024/25 2025/26 2026/27 2027/28
R billion Outcome Estimate Medium-term estimates
Domestic loans

4,667.8

5,095.3

 5,440.4 5,754.9 6,026.5
Short-term 511.2 549.5 587.6 623.5 671.5
Long-term 4,156.6 4,545.8 4,852.8 5,131.4 5,355.0
      Fixed-rate 3,010.7 3,274.6 3,408.4 3,525.1 3,719.7
      Inflation-linked 1,027.5 1,091.0 1,228.6 1,364.3 1,438.7
      Floating rate note 118.3 180.2 215.8 242.1 196.6
Foreign loans 591.6 598.3 653.9 708.9 788.4
Gross loan debt 5,259.4 5,693.6 6,094.2 6,463.8 6,814.9
Less: National Revenue Fund
bank balances		 -195.7 -224.8 -128.4 -133.3 -114.0
Net loan debt 5,063.7

5,468.8

 5965.8 6,330.5 6,700.9
As percentage of GDP:  
   Gross loan debt 74.1

76.1

 76.2 75.9 75.1
   Net loan debt 71.4 73.1 74.6 74.4 73.9
 

1. A longer time series is given in Table 10 of the statistical annexure at the back of the Budget Review

2. Estimates include revaluation based on National Treasury's projections of inflation and exchange rates

Source: National Treasury

 Composition of outstanding government debt    
R billion March 31, 2024  March 31, 2025 
 Domestic debt  4,667  5,092
     Treasury bills  511  550
     Bonds  4,156  4,541
       Fixed-rate  2,983  3,249
       Inflation-linked  1,028  1,078
       Floating rate note  118  184
       Retail  27  30
 Foreign debt  592  602
 % of GDP  8.4%  7.6%
 US$ equivalent  31  33
 Gross loan debt  5,259  5,694
 % of GDP  74.6%  72.3%
     Less: Cash balances  196  219
 Net loan debt  5,063  5,475
 % of GDP  71.8%  69.5%
     
     
 R/$  17.777  18.369
 GDP  7,048,961  7,872,157

 

Financing of National Government Gross Borrowing Requirement
 
R million 2023/24

2024/25         

2025/26

2026/27

2027/28

 

Outcome

 Budget

 Revised Medium-term estimates
Main budget balance -322 916 -320 946 -352 722 -353 896 -313 047 -296 352
Redemptions -144 395 -172 568 -98 802 -172 838 -151 961 -303 679
Domestic long-term loans -97 250 -132 087  -61 583 -112 252 -112 252 -277 184
Foreign loans -47 145 -40 481 -37 264 -60 586 -40 709 -26 495
Eskom debt-relief arrangement - 76 000 - 64 154 -64 154 -80 223 - - 
GFECRA settlement (net)4

-

      100,000

100,000

25,000

25,000

-

Total -543 311 -457 669 -415 678 -581 957  -441 008  -600 031 
Financing
Domestic short-term loans -88 745  - 33 00 -38 932 38 100 35 900 48 000
Treasury bills (net) -88 084 - 33 000 -38 932 38 100 35 900 48 000
Corporation for Public Deposits 661 - - - - -
Domestic long-term loans 336 239 328 100 345 000 343 200 323 400 431 700
Market loans 336 079 328 100 343 933 343 200 323 400 431 700
Loans issued for switches -824 - -1 067 - - -
Loans issued for repos (net) - 664 - - - - - 
Foreign loans 45 663  36 700 67 027 99 342 82 101 96 658
Market loans 45 663  36 700  67 027 99 342 82 101 96 658
Change in cash and other balances 72 664 59 869  -35 281 101 314 -393 23 674
Cash balances 42 672 53 112 -39 510 96 358 -4 537 19 354
Other balances 29 992 6 757 4 229 4 956 4 144  4 320 
Total 543 311 457 669 415 678 581 957 441 008 600 031 
Percentage of GDP 7,7% 6,1% 5,6% 7,3% 5,2% 6,6%

1. A longer time series is presented in Table 1 of the statistical annexure at the back of the Budget Review

2. A positive value indicates that cash is used to finance part of the borrowing requirement

3. Differences between funds requested and actual cash flows of national departments

4. In 2024/25, the Reserve Bank will pay R200 billion to government in partial settlement of the GFECRA balances.

    Of this amount government will pay the Reserve Bank R100 billion towards the contingency reserve

Source: National Treasury