9  Subsequent re-estimations of GDP lowered the peak debt ratio to about 50% - see the discussion in Philippe Burger et al. Fiscal sustainability and the fiscal reaction function for South Africa. IMF Working Paper. 11/69.
2011. https://www.imf.org/external/pubs/ft/wp/2011/wp1169.pdf p. 4, footnote 4 10 On the composition of reforms, see the analysis of Thabo Mbeki’s biographer, Mark Gevisser: “… the left might have accused Mbeki of selling out to the agendas of international capital, but the reason why he embraced the policy with such fervour in the first place was precisely because he was following his lodestar of self-reliance... Third World basket cases slide, as if programmed, into neo-colonial debt... [Mbeki] he was never entirely comfortable with the underpinnings of GEAR; this was evidenced by the way he did not pursue structural reform, such as privatisation, as vigorously as he might have.