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The Finance Minister revealed Treasury estimates suggesting that the year’s revenue will contract by more than R300 billion.
The Minister of Finance, Tito Mboweni. Image: @ TreasurySA / Twitter
JOHANNESBURG – Finance Minister Tito Mboweni warned that the nation would face a crisis in four years if we did not live within our means now.
Speaking during a webinar to celebrate the centennial of the Stellenbosch University Department of Economics, Mboweni revealed Treasury estimates suggesting that revenue for the year would contract by more than R300 billion.
At the same time, there is pressure to increase spending.
He compared the situation to the gaping mouth of a hippopotamus and said it is a key priority to shut your mouth or face a serious crisis down the road.
“We can no longer live beyond our means, we have to shut the hippopotamus’s mouth. Otherwise, we are in trouble. “
But amid crisis warnings, the minister said there is also hopeful news.
“I’m starting to see some green shoots in the economy.”
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