According to Finance Minister Tito Mboweni, South Africa can expect a big change in the budgeting process going forward.
Finance Minister Tito Mboweni says SA must adapt to the new situation. Courtesy
JOHANNESBURG - Finance Minister Tito Mboweni has painted a bleak picture for the economy in his response toThe country is in recession and tax revenue is weak.President Ramaphosa asked to rein in MboweniMboweni has asked government departments to get used to zero-based budgeting. That's when all expenses must be justified for each new period.
Budgets are then built around what is needed for the coming period, regardless of whether each budget is higher or lower than the previous one.The new situation, in my view, requires that we think seriously about going to zero-based budgeting, in other words, refocus our attention on strategic issues and refocus on growth-enhancing activities," he said.
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