South Africa’s debt stabilises for first time in 17 years

South Africa’s debt burden is stabilising for the first time in nearly two decades, Finance Minister Enoch Godongwana announced Wednesday, as Africa’s most developed economy shows cautious signs of recovery and pledges increased spending on security.

“For the first time in 17 years, debt will stabilise and it will continue to fall in the coming years,” Godongwana told parliament in his budget speech.

Debt, which hit a record high near…