The DA has accused Minister in the Presidency Jeff Radebe of executing a "power grab" that has reduced Finance Minister Malusi Gigaba and the Treasury to mere "bookkeepers" ahead of the finalisation of the budget for the 2018-19 financial year. The DA’s concerns were echoed by Treasury insiders at the weekend. Last week, Radebe outlined the details contained in the "mandate paper", which is meant to guide the Treasury on the budgeting process and spending priorities. The mandate paper identified higher education, social security and job creation as priorities. Radebe said that given the absence of fiscal space, departments would have to use noncore spending and nonperforming programmes to finance their identified priorities and fund national priorities. Treasury insiders told Business Day at the weekend that there was concern that the mandate paper could create confusion around the budgeting process, a situation which could prompt another ratings downgrade. Ratings agencies have pre...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now