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Minister has plans for government's rising debt

Nene will deliver his second medium-term budget policy statement against the backdrop of a stalled economy.

Finance Minister Nhlanhla Nene at President Jacob Zuma's update on the State of the Nation address in Pretoria on 11 August 2015. Picture: Reinart Toerien/EWN

CAPE TOWN - Finance Minister Nhlanhla Nene, will today spell out the state of the country's finances and the steps he plans to take to get government's rising debt under control.

Nene will deliver his second medium-term budget policy statement against the backdrop of a stalled economy, reduced revenue and increased demands on state coffers.

Students' protests against fee increases put into sharp focus the dilemma confronting Nene.

The prospect of a stagnant economy and reduced income through taxes and levies, leave him with little room to maneuver.

Efficient Group Chief Economist Dawie Roodt says, "The minister of finance is likely to have mostly well not so good news, firstly state revenue is under pressure simply because the economy is not growing so tax revenue or the collections by the finance minister is disappointing at this stage".

Nene's under pressure to show he can balance the books, with credit-rating agencies sure to punish any wrong move with a downgrade, sending the country into a further round of economic pain.