We are even discussing distant possibilities, like an IMF programme, as if they were imminent. Actually, while our debt to GDP ratio has more than doubled over 10 years, it is still in the region of the emerging market average, which is 55%.
Our debt has a long maturity profile, and is mostly denominated in rands, which minimises the risk of losing market access and being forced to ask the IMF for help. The debt problem is not where we are. The problem is where we are going. 1 Medium Term Budget Policy Statement  A debt-to-GDP ratio of 60% isn’t a disaster.