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:
There were 15,028 new tests conducted and 22 new coronavirus-related deaths. New infections were 1.268.Read More
Your financial future – even if you have to start over – could be brighter than it would’ve been without the pandemic.Read More
The rand was just recently trading at a six-month high. Arabile Gumede interviews Bianca Botes (Peregrine Treasury Solutions).Read More
Bruce Whitfield interviews tourism consultant Gillian Saunders, a previous advisor to former Tourism Minister Derek Hanekom.Read More
The Money Show’s Bruce Whitfield interviews Duma Gqubule, founder at the Centre for Economic Development and Transformation.Read More
The number of national recoveries so far is 573,003, which translates to a recovery rate of 88.9%. Gauteng has 189,208 recoveries.Read More
The Money Show’s Bruce Whitfield interviews Roy Douglas, CEO at ADvTECH.Read More
The Money Show’s Bruce Whitfield interviews Anthony Leeming, CEO at Sun International Group.Read More
The Money Show’s Bruce Whitfield interviews Mike Ratcliffe, Chairman of Visit Stellenbosch.Read More
"The state is on a new trajectory – it’s vital the ANC follows suit," says political analyst JP Landman.Read More