The total government debt, including that of the former bantustans, amounted to 52,5% of GDP at the end of 1993 (including the debt of the former bantustans). Ninety percent of that was domestic debt, of which a large proportion arose from compensating for actuarial underfunding of commitments regarding state pensions in the period from 1962 to 1989. See: - Calitz, Estian et al., ‘An alternative perspective on South Africa’s public debt, 1962-1994’, Stellenbosch Economic Working Papers: 19/10, Version: 27/10/2010, Bureau for Economic Research, University of Stellenbosch