Emergency budget by Mboweni requires firm and decisive action - Business for SA
Business for SA (B4SA) is warning that the government will be unable to fund the budget from domestic savings over the next three years and this will lead to the country having to raise a larger portion of capital in foreign markets.
The warning comes as Finance Minister Tito Mboweni is scheduled to deliver an emergency budget in Parliament on Wednesday.
Speaking to Bongani Bingwa B4SA senior executive Stavros Nicolaou says South Africa had a weak fiscal outlook in early March when Mboweni presented his budget.
Because of the COVID-19 pandemic, the fiscal outlook has deteriorated. We are facing an outlook of 6.8% budget deficit which is not good reading in anybody's books.Stavros Nicolaou, Senior executive - B4SA
The fundamental problem is that South Africa has an under collection of revenue of R300 billion and the expenditure keeps growing, he says.
This supplementary budget by Mboweni requires firm and decisive action from government and all social partners.Stavros Nicolaou, Senior executive - B4SA
Listen below to the full conversation:
President Cyril Ramaphosa reintroduced rules to curb the spread of COVID-19 in South Africa.Read More
Wits School of Governance's professor Alex van den Heever unpacks the latest restriction by the President Cyril Ramaphosa.Read More
The number of national recoveries so far is 127,715. The total number of tests conducted to date is 2.108,570.Read More
Provincial health department head Dr Thobile Mbengashe is adamant that these scooters were never meant to be ambulances.Read More
Professor Salim Abdool Karim says its likely virus might be airborne, but there isn't enough information on that matter.Read More
SA Funeral Practitioners Association's Vuyo Mabindisa says there has been an increase of 30% in funerals due to pandemic.Read More
Gauteng Health MEC reflects on the province's preparedness to fight the spread of COVID-19 while being the epicentre.Read More
Makgoba is one of three non-Americans to serve on this 12 person panel.Read More
The lockdown did it – not the pandemic – so we can’t pay, argues Santam. Bruce Whitfield interviews Tracey Davies of Just Share.Read More
The Money Show’s Bruce Whitfield interviews Grant Pattison, CEO at Edcon, about the deal with fashion retailer Retailability.Read More