Finance Minister Tito Mboweni has presented the Medium-Term Budget Policy Statement against the backdrop of growing national debt and an economy decimated by the COVID-19 pandemic. Eyewitness News reports that Treasury budget documents show how simply servicing the interest on the national debt is absorbing a growing share of limited public resources. The MTBPS seeks to shift the government’s priorities and cement policies that drive economic recovery and fiscal consolidation. The mid-term budget is titled Securing economic recovery beyond COVID-19 and it paints a bleak picture of the country’s finances, with documents released revealing how debt service costs are now 4.8% of GDP, up from 3.3% in 2016. Finance Minister Tito Mboweni warned against the country moving towards a sovereign debt crisis.