The Money Show’s Bruce Whitfield interviewed Minister of Finance Nhlanhla Nene.
Nene spoke about the Medium Term Budget Policy Statement he delivered in a tumultuous Parliament on Wednesday.
Whitfield also spoke to Kevin Lings (Chief Economist at Stanlib Asset Management), Ernie Lai King (Head of Tax at Hogan Lovells) and Lesiba Mothatha (Chief Economist at Investment Solutions).
They gave their analyses.
Mothatha in particular stressed the need for South Africa to focus on debt reduction.
Scroll down for quotes from the audio below.
It was in the interest of all of us that I continued with the speech.— Nhlanhla Nene, Minister of Finance
It wasn’t a normal environment in Parliament.— Nhlanhla Nene, Minister of Finance
We cannot wait for the global environment to improve.— Nhlanhla Nene, Minister of Finance
From now on, Government Departments must begin to show what they are doing to promote growth.— Nhlanhla Nene, Minister of Finance
A large and growing proportion of government resources is allocated to education.— Nhlanhla Nene, Minister of Finance
Government’s salary bill doubled in five years! It’s become a significant portion of the Budget.— Kevin Lings
Are we spending the money to get the maximum growth? My view is that we’re not.— Kevin Lings
Nene is a Minister in the jam!— Ernie Lai King
Government expenditure will continue growing at 2.5% annually.— Lesiba Mothatha, Chief Economist at Investment Solutions
We find ourselves in an ‘analysis paralyses’.— Lesiba Mothatha, Chief Economist at Investment Solutions
We need to learn from countries such as Mauritius.— Lesiba Mothatha, Chief Economist at Investment Solutions