2019 Medium-term budget policy statement highlights

The medium-term budget policy statement delivered in parliament by Finance Minister, Tito Mboweni, shows consolidated government expenditure will reach R6.3-trillion over the next three years.

A staggering R796bn of this will be going towards servicing the country’s debt, which is now at R3-trillion and will balloon to R4.5-trillion in the next three years.

Minister Mboweni set out steps as to how he planned to quell the rapidly ballooning debt.

He also took a firm stand towards Eskom bailouts, stating that money given to the SOE will take the form of a loan and will be expected to be paid back, while emphasising that the South African public needs to adopt a culture of payment.

He concluded that the budget should not be politicised, but should rather be used to bolster the economy for the good of all South Africans.