THEBE MABANGA
A SUBDUED Finance Minister Tito Mboweni invoked former President Nelson Mandela’s spirit as he urged South Africans to confront the country’s economic challenges, then proceeded to ask civil servants and public representatives to take a pay cut while taking money away from departments to help bail out South African Airways (SAA) and the Land Bank.
Tabling the Medium Term Budget Policy Statement (MTBPS) in Parliament on Wednesday, Mboweni recalled Madiba’s words, uttered 26 years ago as South Africa was setting out in its path as a democracy to “meet despair with hope and death with the reaffirmation of the beauty of life” as they confront the health social and economic challenges brought about by COVID-19.
Mboweni announced that the fiscal consolidation path that he announced at the supplementary budget unveiled in June has been raised from three to five years and that the debt to GDP ratio will
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