# The Bureau for Economic Research says the National Treasury has restored confidence in South Africa’s public finances, with government debt expected to have peaked at 78.4-percent of gross domestic product in the 2025/2026 financial year. However, the bureau states the proposed fiscal framework does not go far enough, as it lacks a firm debt ceiling or a clear long-term target for reducing debt. It warns stricter rules are needed to ensure future governments maintain spending discipline, especially as pressure to spend more increases.
Bureau says Treasury has stabilised debt but needs a stronger fiscal anchor