This has receded from $ billion in September 1998 to $ billion at the end of 2001 and $ billion at present. At the same time, South Africa's foreign exchange reserve level is quite strong at around 20 weeks' worth of imports, double as much as 5 years ago.
It is my pleasant duty to also point out that South Africa's government finances are in a healthy shape, with tax revenue again exceeding earlier projections and the deficit before borrowing for 2002/03 now projected to amount to only 1,6 per cent of GDP. Less pleasant to point out are the setbacks to our banking system in early 2002.