Michael Sachs, Has Warned That South Africa Is Facing A Debt Crisis

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South Africa Debt crisis, at the moment the South African government is in such a situation because the government is trying to act like everything is just fine but it is not and this is just brought a lot of problems in the country.

The former head of the National Treasury’s budget office, Michael Sachs, has warned that South Africa is facing a debt crisis. It can be understandable that South Africa is in such a huge debt crisis.

Because since the Covid 19 the Government has actually went to such an extent where it is not manageable, and that is why we are in such asituation where the petrol prices increased so much that it's become unmanageable by the people of this country.

He noted that an increase in debt servicing costs results in ‘crowding-out effects’ such as a high fiscal risk that raises interest rates for the government and average South Africans, unfortunately the South African citizens are the ones while carrying the course of these unforgivable activities.



https://www.news24.com/fin24/economy/government-not-yet-on-safe-ground-from-debt-crisis-michael-sachs-20220525

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