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 R1.7 trillion (39.2 per cent of GDP) in 2015/16. National Treasury acknowledges that rebuilding fiscal space depends on stabilising the level of public debt. Reduction of debt-to-GDP ratio will require government to maintain a small primary surplus to revert back to the pre-recession levels.