TIGHTEN YOUR BELT
Jun 21, 2020
4 minutes
RIANA DE LANGE business@citypress.co.za
PHOTO: AP
National Treasury is planning “serious and extraordinary changes” to its spending plans because South Africa must cut expenditure to avoid a sovereign debt crisis within the next four years, said Finance Minister Tito Mboweni this week.
Mboweni, who will on Wednesday deliver an adjusted budget meant to make provision for government’s fight against the Covid-19 coronavirus, told members of Parliament on Thursday: “A sovereign debt crisis is a serious issue and something we will face by 2024 if we do not manage our finances carefully.”
The adjusted budget is necessitated by the R500 billion stimulus package government announced
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