LISTEN: Tito Mboweni’s full mid-term budget speech

Finance Minister Tito Mboweni’s first major policy statement since returning to the cabinet almost halved the treasury’s growth forecast while predicting a steady increase in debt and borrowing.

In a revision that puts the government in line with the Reserve Bank’s forecast, the state now expects the economy to grow 0.7% in 2018, compared with the 1.5% prediction that was presented by former finance minister Malusi Gigaba in February.