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Treasury: SA to borrow $6 bln from international markets

Foreign loan debt would rise to 10.6% of gross domestic product in 2016/17 from 9.9% in 2015/16.

American dollars. Picture: Facebook.

CAPE TOWN - South Africa plans to borrow $6 billion from international markets over the next three years, with foreign currency bond issuance increasing by $2.1 billion in the current financial year, the Treasury said on Wednesday.

Treasury has already issued a pair of dollar bonds in overseas capital markets worth $3 billion in September and $1.5 billion in April.

It said the key driver of increased debt were the weaker fiscal position and the weaker rand.

Foreign loan debt would rise to 10.6 percent of gross domestic product in 2016/17 from 9.9 percent in 2015/16.

Treasury said short-term borrowing in local markets would average R25 billion per fiscal year in the medium term, with net issuance in the current year increasing by R15 billion to R40 billion to fund the higher budget deficit.