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Finance Minister Tito Mboweni has requested that the 2020 Medium-Term Budget Policy Statement be delayed by one week, until October 28, 2020.
The presentation of the medium-term budget was scheduled for Wednesday, October 21.
“The President of the National Assembly, Ms. Thandi Modise, received a request from the Minister of Finance, Mr. Tito Mboweni, for an alternative date of Wednesday, October 28, 2020 for the presentation of the Medium Term Budget Policy Statement 2020, “Parliament said in a statement. Tuesday night (October 13).
“In his correspondence with the speaker, Minister Mboweni highlights the recent complex decisions made by the cabinet regarding the 2020/21 adjusted estimates and the 2021 MTEF, as well as the implications of the timelines for completion of reconstruction and government economic recovery. planning the budget process as reasons that require the proposed rescheduling, ”he said.
The meeting of the Program Committee of the National Assembly will consider and finalize the request.
During the MTBPS the minister will present the following:
- 2020 Medium Term Budget Policy Statement;
- National spending adjustment estimates for 2020;
- 2020 Adjustment Allocations Bill Second;
- Second Division of Income Act of 2020;
- Draft Law for the Amendment of the Tax Law of 2020;
- Draft Law of Administration of the Tax Law of 2020 and;
- Invoice of Rates and Monetary Amounts 2020.
Minister Mboweni warned last week that if national banks and institutions remained the largest holders of South African bonds, a fiscal crisis could spread to banks and the financial system.
If South Africa fails to take action, it could spark a crisis in 2024, Bloomberg reported the finance minister said, citing an interview with Fin24.
Mboweni said his medium-term budget is likely to be unpopular as it will “tackle” issues like the heavily indebted national airline and other state-owned companies.
Read: Next week’s budget could be decisive for South Africa – here are 9 things to keep in mind
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