The minister confirmed expectations of a substantial rise in debt levels and a widening budget deficit.: The consolidated budget deficit is expected to reach 15.7% of GDP for the current financial year — 2020/2021 — sharply up from February’s estimate of 6.8% of GDP.: The government’s debt levels will rise to 81.8% of GDP by the end of this fiscal year. This is compared to an estimate of 65.
6% of GDP projected in February. Government aims to stabilise debt at 87.4% of GDP in 2023/24, and is aiming for a primary surplus that year.: The Treasury expects growth to contract 7.2%, the largest contraction in nearly 90 years. This is substantially worse that February’s forecast of 0.9% for 2020.: Given the hit to the economy, the Treasury expects the revenue shortfall to be more than R300bn.
Source: News Formal (newsformal.com)
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.
Source: eNCA - 🏆 49. / 51 Read more »
End lockdown now to save the economy, DA tells Tito MboweniThe official opposition party has advised finance minister Tito Mboweni to resist looking for shortcuts on Wednesday when he tables the emergency budget brought about by Covid-19.
Source: SundayTimesZA - 🏆 47. / 51 Read more »
WATCH LIVE: Tito Mboweni delivers supplementary budgetThe finance minister has said SA needs to seriously consider a zero-based budgeting system
Source: BDliveSA - 🏆 12. / 63 Read more »
WATCH LIVE | Finance minister Tito Mboweni delivers supplementary budget speechFinance minister Tito Mboweni is expected to deliver the supplementary budget speech on Wednesday, after the government’s announcement that it would spend R500bn to support the economy during the Covid-19 pandemic
Source: TimesLIVE - 🏆 28. / 59 Read more »
Tito Mboweni: We expect to miss our tax target for this year by over R300 billionThe Covid-19 pandemic will leave South Africa with a budget deficit of 15.7 percent of gross domestic product (GDP) in the current financial year, Finance Minister Tito Mboweni said.
Source: IOL - 🏆 46. / 51 Read more »
Tito Mboweni: government to borrow R118bn from international institutionsFinance minister Tito Mboweni has revealed that government intends to borrow US$7bn (R118bn) from international finance institutions, warning strongly that it is money which must be paid back.
Source: TimesLIVE - 🏆 28. / 59 Read more »