SA's Covid-19 response budget lacks credibility, says DA

Johannesburg - Finance Minister Tito Mboweni's supplementary budget tabled on Wednesday in response to the impact of the Covid-19 pandemic on the economy lacks the necessary detail to make it credible, the Democratic Alliance said.

He said South Africa's economy was now expected to contract by 7.2 percent in 2020, its largest shrinkage in nearly 90 years, dragged down by the ravages of the Covid-19 global pandemic, Finance Minister Tito Mboweni said on Wednesday. "The speech sounded like more of a plea to his own party to support the stalled economic reform agenda, rather than a detailed plan for how to avoid a full-blown sovereign debt crisis," Hill-Lewis said.The DA legislator warned that if the African National Congress government did not implement far ranging economic reform now, the economic would be far worse than previously thought.

"If the minister wanted to convince otherwise, he needed to lay out much more detail on how fiscal discipline will be achieved, debt brought under control, and economic growth spurred."

Source: News Formal (newsformal.com)

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