Finance Minister Tito Mboweni this week warned that though the government will be funding the massive economic relief package, the country’s finances remained at substantial risk.
Mboweni said the government would strive to provide continued support, but macro-fiscal context would remain constrained as a consequence of the unrest and the lockdown.
“Fiscal adventurism is not the solution to South Africa's problems. We will continue our strategy of restoring the health of public finances.”This is composed of reprioritisation of R1bn and additions of R1.3bn to the baselines of the department of trade and industry, and small business development. Tax collections for the second quarter of 2021 to date were up on estimates, as collections increased from a number of sources including VAT and the mining sector.
“However, absent the greater than anticipated recovery in the global economy, the government may have had to resort to increased borrowings to fund the fiscal riot relief packages.”
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