(Bloomberg) --

South Africa’s debt levels will exceed 100% of gross domestic product by 2024-25 and rise to almost 114% by 2028-29, according to a document presented by Finance Minister Tito Mboweni and seen by Bloomberg.

Mboweni made the presentation to the National Economic Development and Labour Council on Friday, according to posts on his Twitter and Facebook pages. It shows gross government debt will rise to 80.5% of gross domestic product in this fiscal year, compared with a projection of 65.6% in February. The trajectory presented shows no sign of stabilizing by 2028-29.

Mboweni is due to present a special adjustment budget that will reflect the devastation wrought on the economy by the coronavirus as well plans to fund a 500 billion-rand ($28.85 billion) stimulus package June 24.

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