News24.com | Mboweni’s medium-term budget scheduled for 21 October

News24.com | Mboweni’s medium-term budget scheduled for 21 October
Minister of Finance, Tito Mboweni (Photo by Gallo Images/Ziyaad Douglas)

Minister of Finance, Tito Mboweni (Photo by Gallo Images/Ziyaad Douglas)

Gallo Images/Ziyaad Douglas

Finance Minister Tito Mboweni is expected to table the medium-term budget policy statement on 21 October.

The National Assembly Programming Committee on Thursday discussed and agreed to the draft parliamentary programme for the fourth term, which highlighted the scheduled tabling of the medium-term budget policy statement later this month.

In an emailed response to Fin24, Treasury said that the 21st is the “tentative” date.

The medium-term budget policy statement sets out government’s priorities over the next three years. It proposes allocations to different departments as well as local and provincial governments. The Covid-19 pandemic will impact government spending.

During the tabling of the supplementary budget in June, Mboweni stated that the pandemic would likely see the economy contract by levels last seen 90 years ago, while tax revenues would fall about R300 billion short of their target due to the decline in economic activity. 

He also warned that the country risks a sovereign debt crisis. Treasury projected debt-to-GDP to reach close to R4 trillion or 81.8% of GDP by the end of this fiscal year, Fin24 previously reported.

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