South Africa’s finance minister outlined ambitious new borrowing plans on Tuesday as part of efforts to help Africa’s largest economy out of recession and meet election commitments on job creation and social welfare.

Unveiling his first mid-term budget statement, Pravin Gordhan told South Africa’s parliament that the government planned to raise R640bn ($83bn, €56bn, £51bn) in debt over the next four years. “Higher borrowing is the right thing to do, in these times,” he said.