Also read the following related article:
Minister of Finance Nhlanhla Nene’s Medium Term Budget Policy Statement – delivered at a tumultuous Parliament on Wednesday - highlighted how South Africa is spending its money.
The Money Show’s Bruce Whitfield interviewed Patrick Bond, Professor of Political Economy at The University of the Witwatersrand.
Bond said that “corporate welfare” - as opposed to “social welfare” - is distorting the country.
According to the OECD, South Africa spends at half the level of Russia and Brazil.
He mentioned the “Brics Bank” and infrastructure projects as examples of projects getting a disproportionate piece of the pie.
Scroll down for quotes from the audio below.
Nene’s speech was so out of touch.— Patrick Bond
Government spends vast amounts on corporate infrastructure.— Patrick Bond
The Finance Minister gave R10 a month more to the poorest people – that’s just pathetic!— Patrick Bond
Government should give it to the students instead of corrupt construction companies.— Patrick Bond