ACDP South AfricaVerified account

#ACDP believes Minister #TitoMboweni may have done enough in todays #BudgetSpeech2020 to restore investor confidence and to avoid a Moody’s downgrade. https://www.facebook.com/379138726819/posts/10156778745881820/ … #BudgetSpeech

The fiscal outlook has worsened since October’s MTBPS, largely as a result of widespread load-shedding & the low economic growth rate (estimated to be down to less than 0.3% of GDP for 2019/2020) - Steve Swart #BudgetSpeech2020 https://www.facebook.com/379138726819/posts/10156778745881820/ … #BudgetSpeech

Minister #TitoMboweni has little or no fiscal space to move with gross tax collections and VAT receipts being considerably lower than February 2019 projections (revenue is expected to be R63.3bn less) - Steve Swart .MP reacting to #BudgetSpeech2020 https://www.facebook.com/379138726819/posts/10156778745881820/ …

Slow economic growth is regrettably expected to be the new normal given ongoing load-shedding (for the next 18 to 24 months), accompanied by low business and investor confidence - Steve Swart .MP reacting to #BudgetSpeech2020 https://www.facebook.com/379138726819/posts/10156778745881820/ …

Sadly there has been no acknowledgement that this dire state of affairs is largely due to state capture, corruption & mismanagement of state resources, as well as policy uncertainty, particularly under the Zuma administration - Steve Swart .MP reacting to #BudgetSpeech2020

We'd like to see the main budget revenue equaling non-interest expenditure within the medium term & to set the debt consolidation path to stabilize gross national debt below 70% of GDP by 2022/23 (up from est 65.6% for 2020/21). This may help stave off sovereign rating downgrade

Several state-owned companies are in financial distress due to corruption, governance failures and poor operational performance. This has resulted in unaffordable debt burdens that pose a significant threat to the fiscus - Steve Swart .MP reacting to #BudgetSpeech2020

A sustainable plan is needed & must include the sale of non-core assets and private sector involvement. Financial support for Eskom, the most significant threat to the economy & state finances in the current year & over med term, amounts to a staggering R161bn #BudgetSpeech2020

It is also regrettable that an additional R16.4bn is to be given to SAA - Steve Swart .MP reacting to #TitoMboweni 's #BudgetSpeech2020 https://www.facebook.com/379138726819/posts/10156778745881820/ … #Budget2020

High-level discussions & a political agreement between government & labour will be necessary to achieve a public sector wage bill saving through a combination of modifications to cost of living adjustments, pay progression & other benefits - Steve Swart .MP #BudgetSpeech2020