R90,000,000,000 has so many noughts that it becomes a measure beyond the scale of understanding for most of us. The foreign debt of R90 billion represents almost half what government will spend this coming year. The interest on the total government debt, which is almost entirely debts incurved under apartheid, is 38.5 billion. The second largest expenditure item in the budget. RDP estimates The table below gives an idea what R90 billion can buy.
Some mainstream economists do voice grave concern over one aspect of the foreign debt.
The country is on the brink of a balance of payments crisis. Current gold and foreign exchange reserves provide cover for only about 1 month's imports. The financial press reports on this looming problem from time to time. The Government and its advisors continue to play dumb, however. If anything like other SAPs, the surrender of our sovereignty to the IMF will make the lives of most South Africans even harder than at present.