The Budget Review simply confirms just how slow progress is
It is unlikely that Moody’s will be encouraged by the 2020 budget
There was hope that the Budget Review 2020 would give SA some good news. The preceding fiscal address from finance minister Tito Mboweni — the medium-term budget policy statement (MTBPS), delivered just four months ago — sounded many warning bells about the country’s fiscal situation and the promise of good news to be delivered this time around.
There were certainly some positive announcements. Following a lot of media coverage of analysts predicting an increase in VAT, the dreaded rise did not materialise. In fact, the finance minister announced some tax relief for consumers.