Tito Mboweni requests postponement of Medium Term Budget Speech

Tito Mboweni requests postponement of Medium Term Budget Speech

- Finance Minister Tito Mboweni has requested more time to prepare his Medium Term Budget Policy Statement

- Mboweni had requested an extension from National Assembly Speaker Thandi Modise due to the complexities of the Covid-19 pandemic and its impact on the economy

- Modise has granted the extension, which will now be subject to the approval of the Parliamentary Programming Committee

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Finance Minister Tito Mboweni has requested more time to prepare his 2020 Medium Term Budget Policy Statement due to the complexity of the nation's economic situation at the moment.

In a statement issued by National Treasury on Wednesday, it was revealed that National Assembly Speaker Thandi Modise had acceded to this request with the approval of the Parliamentary Programming Committee pending.

The minister cited that the pandemic's effect on the nation's finances as the leading contributors to the delay, with the statement continuing to say that:

Covid-19 update: Pressure on for relief grants to be extended
"The Minister has made this request having taken into consideration the complex and unusual circumstances visited upon us by the Covid-19 pandemic, which included the tabling of a Supplementary Budget in June 2020. The Ministry of Finance and National Treasury have had to adjust and consultation of the budgetary process."

The Budget Speech, according to the statement, will reflect the government's determination to 'maintain a prudent fiscal stance which is in the best interest of the country in the medium and long-term'.

Mboweni's speech will now be held on 28 October if the motion is approved by the committee with Covid-19 restrictions kept in mind for media and other attendants.

Tito Mboweni requests postponement of Medium Term Budget Speech

Tito Mboweni needs more time to prepare his speech. Image: GovernmentZA/ Flickr
Source: UGC

Earlier, Briefly.co.za reported that President Cyril Ramaphosa's advisory panel had revealed intentions to source much-needed tax revenue from citizens.

This comes after the Covid-19 pandemic saw state coffers taking an immense knock and one of the government's responses may well be the introduction of 'new taxes'.

New taxes could be introduced to help SA fuel economic recovery

Already-existing levies may also be increased when the Covid-19 Recovery Plan for the economy is announced later this week.

Bloomberg reports that the taxpayer is most likely set to be the easiest target despite disposable income already being minimal, but the government has little in the way of alternative options:

“We risk having nurses, doctors being unable to provide health services because of medicine stock-outs. Teachers paid but with no learning materials or classrooms. Cops grounded in stations because there is not enough petrol to go on patrol.”

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Source: Briefly.co.za

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