The apartheid government had declared a moratorium on foreign debt repayments in the mid-1980s when it declared a state of emergency in the face of escalating civil unrest. With the formal end of apartheid in 1994, the newly elected ANC government was saddled with an onerous foreign debt amounting to 86,700,000,000 rands ($14,000,000,000 at then current exchange rates) accrued by the former apartheid regime. The cash-strapped government was obliged to repay this debt, or else face a credit downgrading by foreign financial institutions. The debt was finally settled in September 2001.