The Minerals Council South Africa says Finance Minister Tito Mboweni’s Supplementary Budget speech expressed the right perspectives on the management of the country’s deepening fiscal crisis, but lacked detail on the steps that have to the taken to rescue the economy.
“It is important to remember that our economy was already showing significant signs of strain, for example, subinvestment-grade ratings, growing public sector wage bills and shrinking tax collection, all before the Covid-19 crisis.”