Mboweni requests mini budget be delayed

Finance minister Tito Mboweni has requested that the 2020 Medium Term Budget Policy Statement be delayed by a week, to 28 October 2020.

The tabling of the Medium Term Budget was scheduled for Wednesday, 21 October.

“The Speaker of the National Assembly Ms Thandi Modise has received a request from the minister of finance Mr Tito Mboweni for an alternate date of Wednesday, 28 October 2020 for the Tabling of the 2020 Medium Term Budget Policy Statement,” Parliament said in a statement on Tuesday evening (13 October).

“In his correspondence to the speaker, minister Mboweni highlights the recent complex decisions taken by cabinet in respect of the 2020/21 adjusted estimates and the 2021 MTEF, as well as the implications of the time frames for the finalisation of Government’s Economic Reconstruction and Recovery plan on the budget process as reasons necessitating the proposed rescheduling,” it said.

The National Assembly Programme Committee meeting will consider and finalise the request.

During the MTBPS the minister will table the following:

  • 2020 Medium Term Budget Policy Statement;
  • 2020 Adjustment Estimates of the National Expenditure;
  • Second 2020 Adjustments Appropriation Bill;
  • Second 2020 Division of Revenue Bill;
  • 2020 Tax Law Amendment Bill;
  • 2020 Tax Law Administration Bill and;
  • 2020 Rates and Monetary Amounts Bill.

Minister Mboweni warned last week that if domestic banks and institutions were to remain the largest holders of South African bonds, a fiscal crisis could spread to banks and the financial system.

Failure by South Africa to take measures could bring on a crisis as early as 2024, Bloomberg reported the finance minister as saying, citing an interview with Fin24.

Mboweni said that his mid-term budget is likely to be unpopular as it will ‘deal with’ issues like the heavily indebted national airline and other state-owned enterprises.

Read: Next week’s budget could be make or break for South Africa – here are 9 things to watch out for

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Mboweni requests mini budget be delayed