In a significant announcement, South African Finance Minister Enoch Godongwana revealed that the country's debt burden is stabilizing for the first time in nearly two decades. He described this milestone during his budget speech in parliament, highlighting that the debt, which peaked at nearly 80% of the GDP, is projected to decrease to 77.3% by 2026/27 and further to 76.5% in the following year. This development reflects cautious recovery signs for Africa's most developed economy, with government pledges of increased spending on security as part of a broader strategy to enhance national stability.

Godongwana's speech also emphasized the restored credibility of South Africa in the global economic landscape after the country received its first major credit upgrade in over 16 years from S&P Global. Furthermore, the country was removed from the Financial Action Task Force's