Mboweni's supplementary budget leaves more questions - CCCI
The Cape Chamber of Commerce and Industry's Geoff Jacobs says the budget was strong on intent but woefully short of detail.
CAPE TOWN - The Cape Chamber of Commerce and Industry said that the Finance Minister's supplementary budget left them with more questions than answers.
Tito Mboweni delivered the emergency budget as a response to the COVID-19 pandemic yesterday.
The Chamber's Geoff Jacobs says the budget was strong on intent but woefully short of detail.
"We'd have liked to have seen more substantive information on the plan he has to avoid a sovereign debt crisis and how to turn the ship around. Our concern is where the money will come from and whether borrowing from the international market will dig an even deeper hole for South Africa."
Jacobs had some concerns about the additional funds allocated to local government.
"It's welcome but our view is that it could have been achieved more optimally if Salga had voted a 0% salary increase for municipality and local government officials rather then the obscene 6.25% that's about to be implemented on 1 July 2020."
He hoped that key struggling Western Cape sectors like agriculture and tourism would be addressed.
"There was a reference to recapitalising the Land Bank and which might have some relevance, I guess, for the agricultural sector but finite in detail. We know that tourism is under huge pressure at the moment and apart from the general relief measures that he speaks about, there's nothing around tourism."