MONEYWEB
Read Finance Minister Tito Mboweni’s full speech.
By Footage: SABC
24 Feb 2021 10:04
Governor of the South African Reserve Bank Honourable Members
Members of the Executive Committees for Finance
1.        INTRODUCTION
It is my singular honour and privilege to present the 2021 Budget. Today I table before this House:
2021 Appropriation Bill
The Budget Review
Madam Speaker last year we outlined a strategy to becoming a winning country.
Since then, we have mourned the passing of nearly 50 000 of our fellow South Africans as a result of the Covid-19 pandemic. The damage caused by Covid-19 runs deep and we share in the collective pain of many South Africans who have lost their jobs.
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Budget Review reveals additional R4.3bn allocation to SAA in 2020/21 and R1.8bn in 2022/23. 14:12
No further allocation of funding for SAA in this budget. Image: Guillem Sartorio, Bloomberg
A demand of R267 million for financially troubled national airline South Africa Airwaysâ (SAA) government guaranteed letters of credit was made and settled in 2020/21.
This was disclosed in the Budget Review, which did revealed a further R4.3 billion allocation to SAA in 2020/21 and R1.8bn in 2022/23 to settle governmentâguaranteed debt and interest.
The review said SAA, which was placed in voluntary business rescue in 2019, is expected to exit business rescue and South African Express Airways is expected to be fully liquidated.
Sipho Mabena It is a shameful abdication of duties, making this government one of the most irresponsible on earth, all in the name of fiscal discipline With millions out of work, Mboweni faces an uphill battle to balance the budget and revitalise the economy. Picture: Tracy Lee Stark The cost-containment measures announced by finance minister Tito Mboweni was unprecedented and worse even than in 1998, Patrick Bond, according to professor at the University of the Western Cape School of Government. Bond said the oft-touted R500 billion fiscal stimulus has now clearly been unveiled as a fib and that from R1.486 trillion in 2019-20, the 2020-21 spending (on non-interest items) would have been R1.535 billion had it simply kept up with inflation of 3.3% this past year. Also Read: Budget 2021: What wasn’t said was th
Finance Minister Tito Mboweni said government would not budge from its plans to wrest the public service wages in multiple ways, including holding off on wage increases.