The medium-term budget, the SARB, and the Public Protector: a mystery solved
What if the Public Protector had been successful in changing the mandate of the South African Reserve Bank? Dawie Roodt reveals all
We are a mysterious lot. Ours is a country of conspiracies and subversive forces and unanswered questions. Oh, and rumours; we are strong on rumours. There are many rumours and questions. For example, why did our ignoramus of a Public Protector recently propose to change the mandate of the South African Reserve Bank? Where is the smiling suit (the honourable Finance Minister, Malusi Gigaba) going to get the money to pay South African Airways (SAA) or fill the huge tax hole in the budget? How does state capture fit in with all of this? Let’s unpack some of these questions, starting with some facts: • Our newish Finance Minister will deliver his first (and, hopefully, last) medium-term budget policy statement on Wednesday. • This is not really a budget but more of a report-back on how the economy and state finances performed during the past six months and how the minister sees things panning out over the remainder of the year. • This is also not typically the forum to announce changes...
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