Finance Minister Malusi Gigaba says the two most important interventions the government can use to restore confidence and re-ignite growth are providing policy certainty and stabilising state-owned companies (SOCs). Gigaba, who was speaking in the National Assembly on Tuesday, argued for the finalisation of mining policy, broadband roll-out, digital migration and spectrum allocation. The fiscal risks posed by SOCs also need to be addressed urgently, he said when delivering his maiden budget vote speech. He announced that the budget deficit for 2016-17 was marginally lower at 3.8% of GDP than the 3.9% estimated in the February budget. Gigaba also stressed the need for SA to avoid the trap of incurring levels of public debt it cannot afford to repay. "The prospect of sustained low growth over the medium term remains the greatest risk to fiscal policy," he told MPs. "Since 2009, spending has increasingly been funded by borrowing. Measured consolidation is needed to ensure fiscal sustai...
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