South Africa

Finance Minister Tito Mboweni faces a tough juggling act this afternoon, when he presents the 2020 Medium Term Budget Policy Statement (MTBPS) in Parliament.

In an effort to manage the effect of reductions in planned expenditure, relative to the 2020 Budget, the provincial equitable share will be reduced by R209.7 billion in the next three financial years.

The South African government is exploring options to ensure access to COVID-19 vaccines when they become available, says the National Treasury.

President Cyril Ramaphosa’s enthused ambition to funnel much-needed jobs into the South African economy has received a major shot-in-the-arm with an additional R12.6 billion unveiled in the 2020 Mini-Budget.

The country’s security cluster has received a boost in its crime fighting efforts, with National Treasury unveiling various budget allocations in the Medium Term Budget Policy Statement (MTBPS), ta

The severe impact of the Coronavirus pandemic on the economy has forced the National Treasury to embark on extensive fund allocation manoeuvring, in a bid to soften the blow of the pandemic on the most vulnerable.

In an effort to stabilise the spiraling public sector wage bill, Finance Minister Tito Mboweni has announced that National Treasury will propose a three-year wage freeze.

Improved tax collection and administration continues to be an important element in achieving fiscal consolidation, the National Treasury said on Wednesday.

The gross tax revenue estimate for 2020/21 has been revised down by R8.7 billion compared with the projection in the June Special Adjustments Budget, National Treasury said on Wednesday.

Stabilising government’s debt will come with difficult decisions, and the public sector wage bill is the main area where government will impose reductions aimed at returning public finances to a stable position.

As a result of the devastating impact of the Coronavirus pandemic, South Africa’s economy is expected to contract by 7.8 % this year in real terms.

Headline inflation is expected to fluctuate at the lower end of the 3 to 6% target range, the National Treasury said on Wednesday.

A team of full-time staffers will be appointed to oversee initiatives aimed at ensuring that the economic recovery plan and a number of priority reforms are implemented.

The National Institute for Communicable Diseases (NICD) is set to launch CoughWatchSA - a mobile application aimed at assisting with the early detection of the second wave of COVID19 cases or the beginning of the influenza season.

Sport, Arts and Culture Minister Nathi Mthethwa says he has received a formal report confirming the resignation of the entire board of Cricket South Africa (CSA) on Monday.