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:
The cumulative number of confirmed cases is 559,585. There were 6,670 new infections and the total number of deaths is 10,408.Read More
Mandy Wiener talks to Wits professor of vaccinology Shabir Madhi about the state of the pandemic in South Africa.Read More
The bank is one of only six in the world to be recognised in this way for outstanding performance during the global health crisis.Read More
Director-general Dondo Mogajane reflects on the R70 billion loan granted to the country by the International Monetary Fund.Read More
The Money Show’s Bruce Whitfield interviews Velma Corcoran, Country Manager at Airbnb South Africa.Read More
It still argues that the lockdown, not the pandemic, is responsible for its clients’ losses. Bruce Whitfield interviews its CEO.Read More
Report co-author Professor Debbie Bradshaw says there needs to be re-look at some provinces' reporting of deaths.Read More
The Health Ministry said that over 194,000 people have recovered since the virus was detected in South Africa back in March.Read More
Bruce Whitfield interviews reps from the Liquor Brandowners Association, Norman Goodfellows and National Liquor Traders Council.Read More
Pundits on the Clement Manyathela Show discuss the effects of the liquor ban on hospital emergency units.Read More