Finweek - English

TAXPAYERS TO COME UNDER FURTHER PRESSURE

finance minister Tito Mboweni has unveiled a stark outlook for South Africa’s economy and bluntly warned of the consequences of failing to address the government’s rapidly deteriorating finances in the face of a bloated public sector wage bill and failing state-owned enterprises.

In the medium-term budget policy statement (MTBPS) – which he presented to Parliament on 30 October and which outlines spending and revenue estimates for the next three years – economic growth forecasts were slashed, budget deficits revised sharply upwards and the anticipated public debt burden soared.

“There are a number of risks to the fiscal framework, which this government has to confront head-on,” he said at a press conference ahead of his speech to Parliament. The debt burden was “reaching

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