Finance Minister Enoch Godongwana will table his first medium-term budget speech under the government of national unity on Wednesday.
Here’s what to expect from medium-term budget speech Image: SABC News
“We’ve got the sentiment; it’s been priced in within the markets and we reached a point we never thought we would get within our political space,” she said. The country has had an uninterrupted power supply for the past seven months following years of rolling blackouts, the main contributor to the improved outlook. Pension reforms have also been introduced that allow individuals early access to part of their retirement savings, which along with lower interest rates should boost spending.
Godongwana will shed some light on how that ambition will be financed as he will have little room to manoeuvre if he is to meet his commitment to curtail debt and the budget deficit.“Ultimately, the bottom line for infrastructure spend is that a lot of it has to come from the private sector,” said Sanisha Packirisamy, an economist at Momentum Investments.
Without the drawdown, this year’s deficit would have most likely widened and the “government would have had to increase its bond financing,” said Investec Bank Ltd. Treasury Economist Tertia Jacobs. “It actually helped to stabilise the fiscal position in the context of fiscal consolidation.” it planned to introduce a binding fiscal anchor to provide a sustainable long-term path for public finances, without providing details or a time frame.
Don’t miss Tuesday, 29 October’s riveting episode of South African soapie Skeem Saam on SABC 1 on DStv channel 191.
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