Total national Government net loan debt stood at R1.166 trillion (35.8 per cent of GDP) in 2012/13 and it is expected to peak at R1.709 trillion (39.2 per cent of GDP) in 2015/16. BUSA is in agreement that government puts a ceiling on SA's debt to GDP ratio as that is essential for investment. The domestic bond market will remain the primary source of debt funding. The debt issuance will be achieved by drawing on cash balances, exchanging debt maturing within the next several years and borrowing in global capital markets. The public sector borrowing requirement remains at 7.1 per cent of GDP, moderating over the medium term.