Mboweni’s budget is an example of the pitfalls of shunning heterodox thinking and focusing on duality

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Finance Minister Tito Mboweni delivered a supplementary budget to address the effects of extra expenditures to fight the Covid-19 pandemic on the national fiscus. (GCIS)
Finance Minister Tito Mboweni delivered a supplementary budget to address the effects of extra expenditures to fight the Covid-19 pandemic on the national fiscus. (GCIS)

South Africans had been hoping that Finance Minister Tito Mboweni would present a supplementary budget to revive the country’s economy by increasing levels of growth to reduce structural unemployment, poverty and inequality.

However, many South Africans forgot that it was Treasury, in the government of then deputy president Cyril Ramaphosa and then president Jacob Zuma, that had embarked on a spending spree, its state-led investment drive putting state-owned enterprises such as Transnet, Prasa and Eskom at the centre, while missing all its GDP growth forecasts and collecting less tax revenue.

READ: It’s all about stabilising SA’s debt, says Mboweni

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