South Africa’s Supplementary Budget 2020 aims to begin the process of drastically consolidating government finances

SOUTH AFRICA - Report 25 Jun 2020 by Iraj Abedian

Finance Minister Tito Mboweni yesterday placed on the table the country’s 2020 Supplementary Budget, which is described as a bridge to the 2020 Medium Term Budget Policy Statement that is to be presented in October 2020, as is the norm. The previous budget, Budget 2020, was presented almost exactly four months ago, but the impact of the Covid-19 crisis together with government’s response measures have practically rendered the Budget irrelevant. The National Treasury stated that the Supplementary Budget is aimed at fulfilling two objectives. The first one is to report on the pandemic fiscal measures, together with the resultant modifications to the divisions of revenue and different allocations. The second one is to communicate the government’s commitment to strengthening the fiscus while at the same time positioning the economy for faster growth that is also inclusive.

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