SA to tap global markets for another $11bn in next three years

The government plans to approach global capital markets to borrow an additional $11bn in the next three years, over and above the $3bn it still plans to raise on the international bond market before the end of March, as it said last year it would do.

The market funding, which the Treasury said would be used to meet SA’s foreign currency commitments, will complement the more than $7bn borrowed over the past 18 months from international financial institutions including the IMF, New Development (Brics) Bank and World Bank, which recently agreed a $750m development loan to SA...