South Africa’s economy will likely contract this year by more than the 7% previously forecast by the treasury, Finance Minister Tito Mboweni said in an opinion piece published on Sunday.
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Chronic under-performance of South Africa’s economy over the past decade is pushing the continent’s dominant powerhouse to the edge of economic and political disaster.
The International Monetary Fund approved R71-billion in emergency funding for South Africa, the largest emergency disbursement for any country yet to assist with fighting the coronavirus pandemic.
Finance minister Tito Mboweni said national treasury has no plans to boost income tax, corporate tax or VAT even as the coronavirus decimates the nation’s finances.
Too rich for debt relief available to most African nations and hobbled by its politics, South Africa is facing a public financing crisis.
President Cyril Ramaphosa has warned of widening job losses as the effects of a shutdown to curb the spread of the coronavirus batter the economy.
South Africa must cut spending to avoid a sovereign debt crisis within the next four years, finance minister Tito Mboweni has warned.
South African Airways’ administrators proposed the government put up at least R26.7-billion to rescue the carrier after years of losses and the grounding of commercial passenger flights.
South Africa should think about moving to a zero-based budget, the finance minister said on Friday, ahead of an emergency budget dealing with the economic impact of the Covid-19 pandemic.
The ANC and business leaders are heading for a showdown over how to revive an economy ravaged by the coronavirus and a two-month lockdown to curb its spread.