Our “esteemed” finance minister must be bananas if he thinks his budget speech will save SA from the coming credit ratings downgrade. In an environment of low economic growth, a huge and rising budget deficit, debt-to-GDP projected to exceed 70%, record unemployment and all indices pointing down, we are already beyond salvage.
How on earth is he going to find all the money he has allocated for social grants, development and infrastructure projects, the sovereign wealth fund, a state bank, National Health Insurance and bailing out SAA, Eskom and all the other state-owned enterprises (SOEs)? The fiscus simply does not have the money. And on top of this Tito Mboweni wants to lower corporate tax!..
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