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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
The focus on reducing the spiraling public sector wage bill should also be on reducing the bloated managerial layer, rather than on teachers, police officials, and nurses, who are key to service delivery - Steve Swart .MP on #BudgetSpeech2020
https://www.facebook.com/379138726819/posts/10156778745881820/ …
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