{"id":75805,"date":"2024-10-31T16:13:00","date_gmt":"2024-10-31T16:13:00","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/mtbps-godongwana-takes-no-nonsense-approach-to-addressing-some-of-sas-fiscal-risks"},"modified":"2024-10-31T16:13:00","modified_gmt":"2024-10-31T16:13:00","slug":"mtbps-godongwana-takes-no-nonsense-approach-to-addressing-some-of-sas-fiscal-risks","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/mtbps-godongwana-takes-no-nonsense-approach-to-addressing-some-of-sas-fiscal-risks","title":{"rendered":"MTBPS: Godongwana takes no-nonsense approach to addressing some of SA’s fiscal risks"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Finance Minister Enoch Godongwana has again taken a no-nonsense approach to addressing some of the country\u2019s fiscal risks, as high expenditure and runaway debt eat away at Africa\u2019s most advanced economy.<\/p>\n

Godongwana delivered the Medium-Term Budget Policy Statement in the National Assembly on Wednesday \u2013 where the National Treasury gave an update on the state of the country\u2019s public finances since the February budget.<\/p>\n

While Godongwana says the National Treasury\u2019s fiscal plans are mostly still on track, he says there are several pressure points that need urgent attention \u2013 including lower-than-expected revenue collection, a bloated public service wage bill, an elevated risk premium and higher-for-longer borrowing costs.<\/p>\n

“Since the 2008 global financial crisis South Africa\u2019s economy has been characterised by poor growth, unaffordable bailouts of SOEs [state-owned enterprises] and expanding public debt.”<\/p>\n

Between then (2008\/09) and now (2023\/24 financial year) \u2013 government debt has grown from R627 billion to R5.26 trillion.<\/p>\n

Over the past 15 years, public debt has accumulated driven by a wide gap between spending and revenue.<\/p>\n

This has led to increasing debt servicing costs taking up resources that could have been used for other priorities such as education, healthcare and infrastructure projects.<\/p>\n

The in-year revenue outlook is weaker than expected because of declining fuel levy and import VAT collections \u2013 while troop deployment in the DRC and the e-toll repayment plan is expected to increase expenditure.<\/p>\n

Despite this, the State is still on track to achieve a primary surplus in 2024\/25 and over the medium term.<\/p>\n

The National Treasury says government debt could stabilise at 75.5% of GDP next year.<\/p>\n

Debt service costs are expected to reach almost R389 billion in the current financial year.<\/p>\n

While there are still some global and domestic risks, Godongwana says fiscal discipline remains a priority.<\/p>\n

\u201cSpeaker, to achieve the goals of our fiscal strategy, we must better manage our debt. Debt has risen too fast and is too high.\u201d<\/p>\n

Godongwana says part of this includes a range of interventions \u2013 such as maintaining large primary surpluses to stabilise debt, ensuring higher levels of capital investment, containing public service wage costs and limiting bailouts for SOEs.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Finance Minister Enoch Godongwana has again taken a no-nonsense approach to addressing some of the country\u2019s fiscal risks, as high expenditure and runaway debt eat away at Africa\u2019s most advanced economy. Godongwana delivered the Medium-Term Budget Policy Statement in the National Assembly on Wednesday \u2013 where the National Treasury gave an update […]<\/p>\n","protected":false},"author":84,"featured_media":75804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[274,315,275],"class_list":["post-75805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nMTBPS: Godongwana takes no-nonsense approach to addressing some of SA's fiscal risks - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/mtbps-godongwana-takes-no-nonsense-approach-to-addressing-some-of-sas-fiscal-risks\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MTBPS: Godongwana takes no-nonsense approach to addressing some of SA's fiscal risks\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. 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