Bloomberg News

Gordhan Says South Africa To Avoid Borrowing Until ‘Debt-Ridden’

October 26, 2011

Oct. 26 (Bloomberg) -- South African Finance Minister Pravin Gordhan said the government didn’t want its borrowing to make it “debt-ridden” and it should look for alternative sources of funding.

“We don’t want to borrow beyond a certain limit so we don’t find ourselves in a position where we become debt- ridden,” Gordhan said in an interview on Johannesburg-based Talk Radio 702 today. “To find money to invest in this economy we need to look elsewhere.”

Gordhan yesterday present his mid-term budget, saying South Africa would finance a growing budget deficit through cash reserves rather than increasing borrowing.

To contact the reporter on this story: Franz Wild in Johannesburg at fwild@bloomberg.net

To contact the editor responsible for this story: Hilton Shone at hshone@bloomberg.net


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