Finance minister Tito Mboweni was in fine form delivering his budget speech on Wednesday, but the jovial mood in the National Assembly belied the grim numbers. And though the message of the Aloe feroxplant the minister brought along was meant to be about planting the seeds of the future, it was more bitter than sweet. SA is just beginning to total up the enormous cost of the years of state capture and corruption and damage done to key economic institutions such as Eskom and the SA Revenue Service (Sars) - and the budget reflected that in the Eskom bailout as well as in yet another revenue shortfall. The deficit and debt ratios didn't feature in Mboweni's well-crafted speech but they came in worse even than in October's medium-term budget, which had shown a sharp deterioration in SA's growth and fiscal outlooks. Revenue is now expected to come in more than R43bn short of last February's budget estimates, up from October's R27bn estimate, reflecting further efforts to fix the mess at ...

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 exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.