Tax, wage bill, debt, pandemic: Mboweni’s tightrope budget policy statement

As government debt rises, investors and the public will closely watch the Medium Term Budget Policy Statement on Wednesday for details of the government’s commitments for fiscal consolidation.

June’s supplementary budget showed that the country will face a sovereign debt crisis by 2024 if the government does not reverse the deficit, which is projected to increase by This will require implementing policy reforms and expenditure cuts of R230-billion over the next two years. Jeffrey Schultz, the chief economist at BNP Paribas, says the MTBPS is likely to be based on austerity measures.

Although the supplementary budget gave the public the lay of the land, Maarten Ackerman, the chief economist at Citadel, says the MTBPS will give a clearer picture of the country’s finances. Bernard Sacks, the tax partner at Mazars, says that given the ban on the sale of alcohol and tobacco from April to August, the shortfall could come in higher than the June forecasts.

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