‘No time for ideology. If not IMF, then give me the money’ – Mboweni after lockdown, junk status batters SA

Mboweni said that as a result of the credit downgrade and the coronavirus economic shutdown, Treasury was now looking at a possible lower economic growth forecast and even lower revenue collection, and the Treasury had to do “serious expenditure revisions”.

He said that he met with the Moody’s committee earlier in March and, from the discussion, he got the impression that they would not downgrade us.However, said Mboweni, “I will not begrudge them that.” “We allowed state capture and expenditure commitments that were not in the baseline,” he said. Therefore, debt levels rose and debt servicing costs also went up, he said, adding that money meant for infrastructure was subsequently used to service debt and the public wage bill became unsustainable.

Zungu said he feels sorry for small companies as the cost of doing business, which is already high, is expected to increase significantly. He urged government to shift industrial policy and pay greater attention to small and medium enterprises, the sector “that will employ a lot of people when the economy eventually swings around”.Business Unity SA’s president Sipho Pityana said the country was “in a very difficult position”, with the Covid-19 impact likely to set job creation back by many years and the downgrade hurting the country’s fiscus badly.

The progress made by government in addressing some of the growth and governance concerns has been surpassed by the Covid-19 pandemic“At the moment, we have a lethal combination: lack of access to capital and energy shortages. These are key tools needed to get any project off the ground. Any investor looks at these before making a decision to invest,” he said.

The Minerals Council SA, which represents the mining sector, said that, while Covid-19 and deteriorating global conditions had harmed South Africa, “this downgrade is largely as a result of government’s own making over an extended period”. It said the government had delayed making necessary reforms. “Over 4 million workers will be given additional assistance of R500 a month through the Employment Tax Incentive. The reduction of contributions to the Unemployment Insurance Fund and the Skills Development Levy will allow workers to keep more money in their pockets and small businesses to maintain liquidity,” said Masondo.

Those that have looted our country still walk free. The begging bowl will be ignored until this country proves that it is serious about dealing with institutionalised corruption.

Come now tito_mboweni where there is smoke, there is always fire. You know full well what the plans are. You are just coaxing South Africa into accepting it. If you sell us to the IMF, it is your soul that you will pay with, along with all of SA. I hope you are ready for that...

Tito wanting to take us back to slavery🤨 wouldn’t think twice for ini? Mnxxxxx

Get rid of Cadre Deployment and get capable people to manage the State and SOE’s.Then we can take you seriously when you speak. tito_mboweni

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