Finance Minister Enoch Godongwana’s Medium-Term Budget Policy Statement has been clouded with mixed reaction from different sectors of society.
The Minister tabled his October Mid-term budget statement in Parliament on Wednesday.
Godongwana made key financial announcements, saying government spending has exceeded revenue since the 2008 global financial crisis.
“These rising annual budget deficits have reached an extent where the government will borrow an average of R553 billion per year over the medium term.”
The Minister also announced that municipalities will have their Eskom debts up to March 31, will be written off over a three-year period – provided they meet certain conditions.
He says R34 billion has been allocated to extend the COVID-19 Social Relief of Distress (SRD) grant by another year.
[Below is the minister’s MTBPS]
Written by: Lindiwe Mpanza