Medium-term budget likely to be held a day earlier
Finance minister Tito Mboweni has announced that the medium-term budget policy statement is likely to be held a day earlier than planned.
He made the announcement in his opening remarks at an economics colloquium held in Pretoria on Thursday.
The timing of the medium-term budget has already been moved once before from the usual second-last week of October to the 30th of the month. The step was intended to cater for the international travel commitments of President Cyril Ramaphosa.
However, Mboweni said it is now likely to take place on October 29 as the president may be out of the country. He made the announcement to “avoid any rumour mongering in the market”.
This year’s medium-term budget is being keenly watched by business, investors and ratings agencies. In it, Mboweni is expected to outline the state of the government’s finances after additional spending pressure to shore up troubled power utility Eskom. Poor economic growth and lower tax revenues are also expected to weigh on the budget.
Mboweni is also expected to present a finalised version of the National Treasury’s economic strategy document for the country, which was published in August.