`PUBLIC PENSIONS IN SOUTH AFRICA - Harold …

1 THE PRIVATE AFFAIRS OF public PENSIONS IN SOUTH AFRICA DEBT, DEVELOPMENT AND CORPORATIZATION1 Fred Hendricks Faculty of Humanities Rhodes University Grahamstown SOUTH AFRICA We are limited in SOUTH AFRICA because our democratic Government inherited a debt which at the time we were servicing at the rate of 30 billion rand a year. That is thirty billion we did not have to build houses, to make sure our children go to the best schools, and to ensure that everybody has the dignity of having a job and a decent in-come. Nelson Mandela (ACTSA 2002) The first charge against government revenue is interest on government debt. The big-ger our deficit, the more we have to borrow, the higher the interest bill and the less money there is available to invest in social development, in poverty relief and in the development of our human resources. Trevor Manuel, Finance Minister (1997) The bulk of our debt is the domestic debt of ordinary SOUTH Africans through the pub-lic pension funds.

1 THE PRIVATE AFFAIRS OF PUBLIC PENSIONS IN SOUTH AFRICA DEBT, DEVELOPMENT AND CORPORATIZATION1 Fred Hendricks Faculty of Humanities Rhodes University

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