South Africa exploits its gold and foreign exchange reserves to curb its debt

by MMC
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Cash-strapped South African finance minister Enoch Godongwana The government has dipped into the country’s gold and foreign exchange reserves to stabilize its debt, while increasing spending on teachers, nurses and welfare during a critical election year.

In his final budget before the May 29 vote, in which the ruling African National Congress risks losing its national majority for the first time since 1994, Godongwana told lawmakers in Cape Town on Wednesday that he would restructure reserves held at the central bank to release 150 billion rand ($7.9 billion) over three years.

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