National Assembly passes Gigaba's revised fiscal framework

A rowdy debate saw opposition parties lay into the African National Congress (ANC), accusing it of mismanaging the economy and allowing corruption to flourish.

FILE: Finance Minister Malusi Gigaba delivers his maiden Medium Term Budget Policy Statement on 25 October 2017. Picture: GCIS

CAPE TOWN - The National Assembly has passed the revised fiscal framework presented by Finance Minister Malusi Gigaba in his medium term budget policy statement last month.

A rowdy debate saw opposition parties lay into the African National Congress (ANC), accusing it of mismanaging the economy and allowing corruption to flourish.

ANC speakers insisted that the party was capable of turning things around, and warned tax evaders that they would be caught as the country faces a revenue shortfall of nearly R51 billion.

The Inkatha Freedom Party’s Mkhuleko Hlengwa told ANC Members of Parliament the economy that was collapsing in their own hands.

“We are borrowing from Peter to pay Paul, there are high levels of fruitless expenditure, high levels of irregular expenditure, high levels of wasteful expenditure and there are high levels of no accountability.”

The Democratic Alliance’s David Maynier says that the government will spend more on servicing its debt than it will on higher education and the police.

“We are using our credit card to pay the interest on our overdraft in South Africa. The situation we now confront is serious.”

The ANC’s Pinky Kekana that conceded drastic action was necessary, and said that Gigaba would come up with a plan.

She issued a warning to “corporate citizens” she said were using political uncertainty as an excuse to funnel money into tax havens.

“We say to you, the net is closing in, you will be caught.”

(Edited by Leeto M Khoza)