Cosatu slams Mboweni's budget calls it underwhelming
Finance Minister Tito Mboweni delivered a supplementary Budget speech in Parliament on Wednesday afternoon.
He laid bare the damage brought on South Africa’s already failing economy by COVID-19 and government’s efforts to combat the devastation.
He said the country had generated far too much debt and that was the country's weakness.
Mboweni added that the country's debt was around R4 trillion.
Bongani Bingwa speaks to Congress of South African Trade Unions (Cosatu) parliamentary co-ordinator Matthew Parks who says the budget was disappointing as the minister didn't announce measures to take the country out of a recession
All he did was to remind us of the economic relief measures that President Cyril Ramaphosa announced a month ago, many of which are already underway.Matthew Parks, Parliamentary co-ordinator - Cosatu
Those were relief measures to get the country through the COVID-19 lockdown and not to get the country out of a recession, he says.
We were underwhelmed and we expected a stimulus plan which was not announced. The minister didn't announce any plans to get the country back on its feet.Matthew Parks, Parliamentary co-ordinator - Cosatu
He says Mboweni didn't tell the nation on how wasteful expenditure was being tackled.
We don't expect miracles over night, but at least he could have said we have reduced wasteful expenditure by a third; we have managed to hold so many people accountable but there was nothing like that.Matthew Parks, Parliamentary co-ordinator - Cosatu
Listen below to the full interview:
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