Get the latest in African news delivered straight to your inbox. Senior Economist @ South Africa emergency budget: Letting a crisis go to waste Patrick Curran. Yet according to (National) Treasury’s figures, the government spent R23.1-billion less in April 2020 than it did in April 2019,” said Hill-Lewis. And then in a faux pas, National Treasury’s 2020 Special Appropriation Budget Guidelines of 14 May announced the date, even though it is for Parliament to do so. While the ANC supported each of the 41 Budget Votes, the DA, EFF and Freedom Front Plus objected to just about every item. South African Finance Minister Tito Mboweni has tabled an emergency COVID-19 Budget, officially the country's first Special Adjustment Budget. In the middle of an unprecedented self-inflicted economic crisis, and after promising stimulus, there is a sharp drop in government spending.”, And that shows the precarious juggling act Mboweni will have to pull off come the 24 June’s Special Adjustment Budget. Debt service cost has become the fastest-growing item – to R229.3-billion in 2020, according to February’s Budget, up from R201.2-billion in 2019 and R184-billion in 2018. Shorter Treatment Time For African Children with TB - Study, Mine Defends Expansion Despite Opponent's Murder in South Africa, Assumptions Raise Questions About South Africa's Land Reform Plan. “We are no longer as rich as we used to think we are. But that did not mean tough questions were not asked – not necessarily about this Budget, that come 24 June will be adjusted, but about the broader state of public finances. And tax authorities expect a collection shortfall of R285-billion in the current financial year (read: under lockdown the illicit economy costs public purse billions). Mboweni to table emergency budget as unemployment reaches record levels Wednesday 24 June 2020 - 11:00am Tito Mboweni faces the unenviable task of balancing South Africa's books. South African Cricket Board All Out, So Who Will Step Up to Bat? Zimbabwean journalist Hopewell Chin’ono remanded in custody on fresh charges, Protesters clash in Pittsburgh over 'legal' votes and Trump as final votes being counted. Government Adopts Zero-Budgeting Approach to Cut Spending, Finance Minister Tito Mboweni has announced a zero-budgeting approach that will see government cutting spending on programmes it can no longer afford. Tellimer Research. Well, the economy has gone into recession. Politicking is seldom far from South Africa’s politics. Over the medium term, Government has allocated R16.4 billion to settle guaranteed debt and interest. And for the finance minister that would be to “strongly recommend” an unprecedented turn to zero-based budgeting to his fellow Cabinet ministers and the president. AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 900 news and information items daily from over 130 African news organizations and our own reporters to an African and global public. Senior Economist @ Tellimer Research 24 June 2020. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC. Is a Covid-19 Resurgence a Possibility for South Africa? 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Economy Expected to Contract By 7.2 Percent This Year, Finance Minister Tito Mboweni says as a result of the COVID-19 pandemic, the country's economy is projected to contract by 7.2% in 2020. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. When Finance Minister Tito Mboweni tables his Medium-Term Budget Policy Statement, he must pronounce on what he kicked for touch in June's emergency Covid-19 Budget… The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. South Africa: The ongoing impact of coronavirus on emerging markets, from our experts. And Friday’s sitting of the House was in large measure predictable. South African Airways. “I’ve had to leave home to find (Internet) connection in the nearest town… We do not take seriously the challenges of our time,” said Hlengwa. Global Climate Justice Focus of 10th Tutu Peace Lecture, Ruling Party Resists South African President's Anti-Graft Push. Text of Minister Tito Mboweni's 2020 Supplementary Budget Speech, Supplementary Budget Speech by Tito Titus Mboweni, MP Minister of Finance Read more », The Western Cape has 51.7% of the cases, standing at 52 554. This publication is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law or regulation, or which would subject Tellimer to any registration requirement within such jurisdiction or country. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. And that shows the precarious juggling act Mboweni will have to pull off come the 24 June’s Special Adjustment Budget. Police Unit to Arrest South African Ruling Party's Magashule? What happens if election results are contested? SAA has been placed under business rescue which will lead to a radically restructured airline. Solar Grids a Means for African Mining to Combat Climate Change? National Treasury backtracked quickly to say 24 June would be the date it “would be ready to table… The date of the tabling will be decided by the Speaker of the National Assembly in agreement with the President and Minister of Finance” (Parliament: Fierce Urgency of Now: Mboweni’s forceful push for Covid-19 emergency Budget). SA Debt Levels to Surge, but Tito Mboweni Vows to 'Close the Mouth of the Hippopotamus', South Africa's debt levels will surge during 2020 as the economy contracts over 7% in the face of the Covid-19 pandemic, said Finance Minister Tito Mboweni in his supplemental… Read more », South Africa: New South African Opposition Chief a Poor Choice for Local Polls? South Africa’s economy is now expected to contract anywhere between 5.8% according to the IMF or 6.1% from the South African Reserve Bank to 12% by some financial analysts. Read more », South Africa: Politics, politicking and the instruction “Please, mute your mics” ran through Friday’s sitting. This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. DA MP Geordin Hill-Lewis called for South African own structural reforms, saying time was running out before such adjustments would be imposed, after highlighting how key elements of the stimulus package, like the R350 jobless grant, are not being paid. 4.2.2. When Mboweni closed Friday’s first reading debate he said as much. To address comments or complaints, please Contact us. • Figure of the week: The post-pandemic road to economic recovery in Africa, • Lockdown sparks major Sunak U-turn and BoE action, Today’s emergency budget sees a consolidated deficit of 15.7% of GDP in 2020/21, slightly worse than market expectations, Necessary reforms are delayed until October’s MTBPS, wasting an opportunity to implement tough reforms, Markets have taken the news in stride, but we believe inaction portends an ongoing slide in debt dynamics moving forward.
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