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South Africa’s main stock index plunged the most in seven months Wednesday after Finance Minister Tito Mboweni’s budget update.
Regulation 28 changes, loosening Eskom’s grip on SA were among the issues covered in the budget speech by Finance Minister Tito Mboweni.
SA will borrow from multilateral institutions and draw on sterilisation deposits it holds with the SARB to help finance a budget deficit.
‘We must rebuild our economy.’ Read Finance Minister Tito Mboweni’s full 2020 Medium Term Budget Policy Statement Speech here.
Finance Minister Tito Mboweni announced taxpayer support to rescue SAA, ending a long personal resistance to funding further bailouts.
Treasury has revised gross tax revenue estimate for 2020/21 by R8.7bn billion compared with the projection in the June special adjustments budget.
National Treasury says that, to support the stabilisation of debt, significant spending reductions are required.
Government to cut wage bill, increase tax collection to make up for more than R300bn shortfall as Covid-19 hit economy.
After a decade of slow economic growth, the impact of COVID-19 on real income levels is likely to set the South African economy back several years.
Finance Minister Tito Mboweni delivered a special adjustment budget that forecast a deep recession, plunging tax revenue and surging state debt.