[WATCH LIVE] Tito Mboweni delivers mid-term budget

The new Finance Minister is expected to put flesh on the bones of the stimulus package President Cyril Ramaphosa has announced as part of efforts to spark economic growth and job creation.

Finance Minister Tito Mboweni. Picture: @TreasuryRSA/Twitter

CAPE TOWN - All eyes are on Finance Minister Tito Mboweni at this hour as he unveils the Medium-Term Budget Policy Statement (MTBPS) in Parliament.

Mboweni’s maiden speech, after his appointment just over two weeks ago, comes as the country battles a recession, a volatile rand, and rising unemployment and fuel prices.

The minister will spell out the government's spending plans for the next three years but is also expected to be frank about the economic challenges the country faces.

These include the risks posed by debt-ridden state-owned companies, the government’s soaring wage bill and weak financial management in the provinces and local government.

WATCH: Finance Minister delivers MTBPS

Mboweni is expected to paint a grim picture of the state of the government’s finances when he addresses Parliament this afternoon.

One of Mboweni’s big tasks is to try and restore confidence in the economy and trust in the government as it moves to root out the corruption and end the state looting that came to a head under former President Jacob Zuma.

Confronted with poor growth prospects, limited revenue and massive demands on the public purse, Mboweni is caught between a rock and a hard place.

He’s expected to put some flesh on the bones of the economic stimulus package announced last month by President Cyril Ramaphosa, which aims to focus public spending on areas that can grow the economy and create jobs.