Head Topics

DA proposes fiscal rule to rein in government debt

  • 📰 SowetanLIVE
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 63%

South Africa Headlines News

The government’s escalating debt has to be restrained, and the DA says it has come up with a legal mechanism it believes will force government to look for other ways to reduce the gap between revenue and expenditure other than increasing debt levels

It provides for a review of the fiscal rule by the National Assembly every four years beginning in 2023/2024 by either amending, renewing or terminating the fiscal rule. It requires that the finance minister table an annual fiscal responsibility report at the same time as the budget is tabled, setting out whether the fiscal rules were complied with or not, together with reasons for those outcomes, and recovery plans in the event of a failure to comply with the fiscal rule.

“This kind of legislative fiscal anchor is an idea gaining currency around the world,” Hill-Lewis said. Hill-Lewis said that on Wednesday Mboweni’s only priority should be to limit further debt growth while finding ways to grow the economy.“A number of countries are starting to adopt this type of fiscal anchor as they understand there has to be some kind of independent rule to rein in that incentive to spend by democratic governments.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I have the solution to all the governments problems...Be brave and legalize the herb.. You will have enough funds to build schools, houses , hospitals etc... Not to mention the thousands and thousands of jobs.. Check this out

Anc will simple impliment, DA is running the country

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

DA accused of being soft on members embroiled in alleged corrupt dealings | The StarA case was opened against DA councillor Shadow Shabangu after he was found by a council-commissioned forensic investigation to have received R1.2million from Blue Crane Eco Mall. TheStar_news TheStar_news The da only fights anti sellouts
Source: IOL - 🏆 46. / 51 Read more »

Budget 2020: DA expects Gauteng e-tolls to stay despite Makhura's promise | IOL NewsThe DA in Gauteng says it expects Finance Minister Tito Mboweni to announce during his budget speech this coming week that e-tolls are here to stay. Budget2020
Source: IOL - 🏆 46. / 51 Read more »

Tshwane mayor Stevens Mokgalapa not off the hook yet — DACity of Tshwane mayor Stevens Makgalapa is not off the hook yet despite resigning from his position late last month.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

DA to seek legal opinion on final policy arbiterThe party seeks legal clarity on whether the federal council or broader national congress will determine key policy issues including race and redress
Source: BDliveSA - 🏆 12. / 63 Read more »

Moodey puts himself forward as best candidate for DA leaderJohn Moodey believes he is the best candidate for the position of DA leader. kgmadisa kgmadisa Does Moodey believe he can rescue Our_DA from political junk status.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

Shaky DA to give update after two-day meeting ahead of policy conferenceThe DA has its work cut out for it with scandals over leaked audio clips and a looming showdown in its leadership race all threatening to add further strain on it's already bruised reputation.
Source: ewnupdates - 🏆 30. / 53 Read more »