'Mboweni delivered supplementary budget as roadmap to stabilise country's debt'
Finance Minister Tito Mboweni delivered a supplementary Budget speech in Parliament on Wednesday where he laid bare the damage brought on South Africa’s already failing economy by COVID-19.
He said the country had generated far too much debt with the country's debt being at around R4 trillion.
Bongani Bingwa speaks to University of Free State chancellor and Bidvest Group Limited chairman Bonang Mohale as well as Black Business Council president Sandile Zungu to reflect on the minister's speech.
We probably had too much expectation for this budget, this was a supplementary budget and it was triggered by the disaster called COVID-19. He had to support what the president had stated in previous times.Sandile Zungu, President - Black Business Council
When the minister of finance talks to the nation, people have great expectations and announce bold plans, he says.
Announcing that R3 billion would be thrown towards the Land Bank to recapitalise it is very important.Sandile Zungu, President - Black Business Council
He says it is very important that while we are focusing on COVID-19, we also think about the long-term.
Mohale says the minister has successfully walked a tight rope by weaving a very clear silver thread from the supplementary budget.
COVID-19 and national lokdown has resulted in the largest economic contraction in 90 years. He delivered a supplementary budget as a road map to stabilise the country's debt by creating a foundation for economic revival while forging a new economy in a new global reality.Bonang Mohale, Chancellor - University of Free State/ Chairman of The Bidvest Group Limited
Listen below to the full conversation:
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