Do you know what the mid-term budget speech is all about?
Written by Lethiwe Mdluli on 30 October, 2019
There’s high expectation for Finance minister, Tito Mboweni’s, medium-term budget statement before parliament this hour.
But do you know what the Mid-term budget speech is all about?
This budget speech basically sees the government lay out their financial plans for the next three years as well as revisiting issues discussed from the previous year.
The minister will look to introduce new funding models and policies, which can be achieved through their proposed fiscal frameworks.
Its been a tough year for the, Cyril Ramaphosa, administration plagued by accusations of corruption and money-laundering, load-shedding, a dwindling economy and a rise in unemployment.
This means today’s medium-term budget statement may bear some harsh realities for all South Africans.
Some of the things you can expect from the speech are tough calls on Eskom, with yesterday’s announcement that the un-bundling is going ahead.
Mboweni will have to announce how much this will cost.
The budget is also a good chance for the minister and government to explain where the country is heading, but with the lack of economic growth and escalating numbers of unemployment as Stats’s SA’s, Resinga Maluleke, explained yesterday this will also be tough on Tito Mboweni.
The National Health Insurance is another topic expected to make it onto the budget speech as well as tax matters among other things.
The medium-term budget will definitely revisit into issues discussed last year.
By: Zilungile Mkhize