South Africa’s Budget 2020 makes substantial moves to reduce the bloated public sector wage bill

SOUTH AFRICA - Report 26 Feb 2020 by Iraj Abedian

Our 2019 Budget report’s title indicated that tough decisions had been made while at the same time asking if it was enough, i.e., were the measures taken enough to improve South Africa’s fiscus or at least halt its deterioration. It’s a year later, and we all know it was not enough. Today Finance Minister Tito Mboweni once again presented a Budget that indicates that the government deficit widened amid expenditure that has proven difficult for government to reign in, while revenue continues to dwindle. President Ramaphosa, during the State of the Nation Address (SONA) on February 13, admitted that South Africa’s public finances are under severe pressure. The IMF’s latest Article IV Consultation report on South Africa warned that fiscal deficits are projected to widen, resulting in significant debt accumulation. As such, the National Treasury has today introduced more measures to improve the fiscus.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.