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Economists concerned mid-term budget will fail to allay ratings agencies fears

Finance Minister Malusi Gigaba delivered his inaugural mini-budget in Parliament on Wednesday afternoon.

FILE:  Home Affairs Minister Malusi Gigaba. Picture: Christa Eybers/EWN.

CAPE TOWN - Some economists fear the mid-term budget policy statement will have done little to restore confidence in the South African economy.

Finance Minister Malusi Gigaba delivered his inaugural mini-budget in Parliament on Wednesday afternoon.

In his address, Gigaba said South Africa's tax revenue shortfall amounts to R50.8 billion.

While National Treasury forecasts the country's debt to spiral to R3 trillion by 2020.

Economist Thabi Leoka says the country's troubles have been laid bare in his speech, which the credit rating agencies will certainly take note of.

“Anything that they may have suspected or may have thought we are in control of have been verified by this speech that things are not as good as they should be and it’s going to be very tough for us to remedy the problem.”

Political analyst Daniel Silke adds there were very few confidence building measures announced by Gigaba.

“Which largely means that South Africa will need to wait four or five months for the budget next year with new perhaps leadership from the ANC in order to achieve something more positive and to reboot the broader economy and business temperament. It is, therefore, I think, a very tough ride given this lack of anything positive from the budget.”

WATCH: Gigaba delivers medium-term budget 2017

MTBPS 2017 Minister's Speech by Primedia Broadcasting on Scribd