Fin24.com | LIVE: All eyes on Mboweni\'s #budget speech

LIVE: Budget will place SA on a bold new path - Mboweni

2019-02-20 12:24

Finance Minister Tito Mboweni is delivering his maiden budget speech and his biggest task will be to give assurance to not only the investor community and the markets, but to South Africans.

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Last Updated at 14:14
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In Zechariah 8 verse 12 it says: “For the seed shall be prosperous; the vine shall give her fruit, and the ground shall give her increase, and the heavens shall give their due; and I will cause the remnant of this people to possess all these things"

As a part-time farmer, I know that in order for the people to “possess all these things”, we have to plant anew

It is time for us to sow the seed of renewal and growth


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How do we make this renewal a reality? I turned to the Good Book for guidance

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It lays out a series of interventions that will put South Africa on a bold new path

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In the 2019 State of the Nation Address, our President set out an ambitious agenda for our nation. It is an agenda that speaks to the South Africa that we can be. It is a task list for all of us

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It is to safeguard the sound financial status of the Republic. I do this in my role as Minister of Finance, performing my fiduciary responsibility as the guardian of the nation’s finances

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It is in the interest of our people and our country, and not in the narrow objectives of any political party

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Today I hereby table the budget speech, the 2019 budget review, the 2019 estimates of national expenditure...

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Markets LIVE: 'Vultures will circle' if budget comes across as weak, says analyst

"Minister Tito Mboweni has got to tread the line very carefully, especially when discussing the state of SOEs in the country and how to salvage them," says TreasuryONE's Andre Botha.


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13:20

No quick fixes for Budget 2019

Finance Minister Tito Mboweni is set to deliver the 2019 Budget against the backdrop of an economy characterised by prolonged underperformance and a social context underscored by growing discontent.

These are likely to be exacerbated by the increased risks in the global environment – slower growth, Brexit, trade tensions and climate change.

Combined, these factors have manifested in acute challenges that threaten to undermine the current path of fiscal consolidation and, by implication, the broader economy. It necessitates a change in direction. As such, politically difficult choices appear unavoidable – even in the run-up to a general election.

More

13:06

Mboweni upbeat ahead of maiden budget speech

Finance Minister Tito Mboweni was seemingly burning the midnight oil ahead of his maiden Budget speech on Wednesday. "Ku rough!" (It is rough) he tweeted just after midnight it seems, along with a cartoon drawing of him carrying a small pile of documents labelled SA's budget while pulling a mammoth-sized document, labelled Eskom's budget, on a trailer behind him.


13:04

Name a new SARS commissioner, reduce Cabinet size – DA's tips to Mboweni

The DA wants Finance Minister Tito Mboweni to name a new "credible" commissioner of the South African Revenue Services when he announces the National Budget on Wednesday.

DA MPs Alf Lees and Gwen Ngwenya held a briefing at Parliament on Tuesday, where they shared the opposition party's expectations for the Budget.

Read

12:28

This is what the property sector hopes to get out

There are four key things the South African Institute of Black Property Practitioners expects to see in Finance Minister Tito Mboweni's upcoming budget, Vuyiswa Mutshekwane, the industry body's CEO told Fin24.

These are:

A significant increase in funding for land reform and land-related programmes;

An increase in the amount of funding earmarked for infrastructure development and preservation of existing assets;

A higher proportion of national expenditure being put towards small business development and support programmes, particularly in the form of equity funding and risk capital funding;

50% of government procurement spend on goods and services to go to women and/or women-owned businesses.

Read more

12:26

Solly Moeng: Let's rewrite the script this year, Minister Mboweni

About three years ago, following the unmasking and subsequent demise of Bell Pottinger at the bitter height of the Zupta-led state capture, the ANC's spokesperson at the time went onto all media interviews he could attend to express disgust at this foreign company that arrived here to sow racial division and - wait for this - undo the gains of our post-apartheid achievements, or something along those lines.


12:25

Eskom, taxes and boosting growth: What to watch out for in Mboweni’s maiden Budget

Government's plans to steady the precarious financial position of debt-laden power utility Eskom are expected to take centre stage on Wednesday afternoon, when Finance Minister Tito Mboweni delivers his maiden Budget speech to Parliament.

The Budget address will be delivered at 14:00 and will be live on Fin24.

Here are some of the things to look out for.

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