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COVID-19 and the SA economy in 2020: ‘We need to close the hippo’s mouth’
Finance Minister Tito Mboweni this year noted the biggest contraction in the economy in nearly 90 years and the need to close the gap between government’s income and its spending – the hippo’s wide-open mouth.
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FULL TEXT: Tito Mboweni’s Supplementary Budget Speech
Finance Minister Tito Mboweni on Wednesday tabled an adjustments budget which was necessary due to the historic nature of the COVID-19 pandemic and resulting economic downturn.
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Mboweni says total Budget spending will exceed R2 trillion
The supplementary Budget is aimed at charting a way forward to kickstarting an economy that was already faltering before the COVID-19 pandemic and lockdown brought it to its knees.
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What is a zero-based Budget?
South Africans will be presented with a zero-based Budget for the first time. But what does it mean?
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Rand firmer as market awaits Budget
At 1500 GMT, the rand was trading at 17.2200 per dollar, 0.72% firmer than its previous close.
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National Assembly to vote on Mboweni's February Budget
The Appropriations Bill has to be passed by Parliament before Mboweni can table a Special Adjustments Budget to deal with the financial demands posed by the COVID-19 pandemic.
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Treasury ready to table Special Adjustment Budget by 24 June
Finance Minister Tito Mboweni has urged Parliament to pass the Budget legislation he tabled in February as soon as possible, because until this is done, a revised Budget cannot be tabled.
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Mbalula: Mboweni should have consulted me on Prasa budget cuts
Finance Minister Tito Mboweni announced that government would over the medium term cut R13.2 billion that was meant to go to public transport.
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Rand weakens as Moody's highlights concerns over Budget
The local currency had initially strengthened after Finance Minister Tito Mboweni unveiled the plan to cut the public sector wage bill by R160 billion.
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Cosatu: Workers not scapegoats for SA's economic crisis
The organisation said it saw Finance Minister's Tito Mboweni's budget as a challenge to labour and has again rejected government's plans to claw back on the public wage bill.
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CARTOON: Who'll Budge First?
By Dr Jack & Curtis.
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Ramaphosa could be tested in public sector wage bill talks - economists
In the Budget Speech on Wednesday, Finance Minister Tito Mboweni announced that the wage bill would be cut by just over R160 billion over the next three years.
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RAF earmarked as one of the risks that could further widen budget deficit
Treasury said that over the past 20 years, increases of the RAF levy had typically exceeded inflation yet the liabilities of the fund had grown at a faster pace.
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Despite difficult environment, WC to continue delivering services - Maynier
According to Western Cape Finance MEC David Maynier, Finance Minister Tito Mboweni may have provided some relief for tax payers but provinces will now have less to spend.
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Govt to appoint inspector-general at Sars 'to beef up governance'
Treasury said that while strengthening Sars would take time, this would result in improved revenue collection in coming years.
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Mchunu hoping for positive talks with unions over public sector wage bill
The proposed cuts to the wage bill budget formed a key part of the national Budget Speech on Wednesday.
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Tax revenue highlights SA's dependence on small number of high-income earners
Just 125,000 people pay one-fifth of the R1.5 trillion the South African Revenue Services (Sars) collects in taxes.
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Saftu, Cosatu vow to fight govt plan to reduce public service wage bill
They said Finance Minister Tito Mboweni's budget shows government doesn't value workers and views them as easy targets.
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Malema hits back at Mboweni, says Eskom will never be a 'tired story'
Finance Minister Tito Mboweni was true to his word and didn’t say much about Eskom in his speech but did announce that government would allocate R230 billion over ten years to restructure the sector.
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Opposition parties say Mboweni did as much as he could with Budget
Most parties welcomed Finance Minister Tito Mboweni’s decision not to burden South Africans with more tax.
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Taxpayers breathe a little easier as Mboweni announces no major tax increases
Finance Minister Tito Mboweni said the tax break was one of the measures he hoped would jump-start the economy, but he had also warned that power cuts could stifle growth and that a stable electricity supply was the government’s most pressing priority.
