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SA government has taken too long to come up with emergency budget - Economist

23 June 2020 7:29 AM
Tags:
Economy
finance minister tito mboweni
Covid 19
special budget

Duma Gqubule reflects on Finance Minister Tito Mboweni's expected special Budget Speech on Wednesday.

Finance Minister Tito Mboweni on Wednesday will deliver a special Budget Speech to the nation.

With the country battling to maintain the spread of COVID-19, Treasury's budget has been in tremendous pressure.

Mboweni is expected to table a new financial framework to respond to the coronavirus pandemic which has wreaked havoc on the local economy.

RELATED: What can we expect from our emergency budget?

Bongani Bingwa chats to Centre for Economic Development & Transformation director Duma Gqubule on what is expected from Mboweni's speech.

It has taken too long for the government to come and do an emergency budget, I have been watching the East Asian countries and most of them are on their third budget since their original budgets four months ago.

Duma Gqubule, Director and economist - Centre for Economic Development & Transformation

He says South Africa is behind the policy curb in terms of responding to this crisis.

We have messed up the medical response and we have messed up the economic response as well. In terms of the budget, the most important number is the GDP growth number. This is the worst crisis we have ever had this century.

Duma Gqubule, Director and economist - Centre for Economic Development & Transformation

The budget deficit will double from what was forecasted in the last budget, he says.

We are going to need to borrow R750 billion this year compared to R370 billion last year which is 14% of GDP as opposed to 7% last year. The African National Congress's performance since 1994 has been horrendous and COVID-19 exacerbate all these pre-existing problems.

Duma Gqubule, Director and economist - Centre for Economic Development & Transformation

Listen below to the full conversation:


23 June 2020 7:29 AM
Tags:
Economy
finance minister tito mboweni
Covid 19
special budget

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