Posts tagged with 'Tito Mboweni'

 

SA debt burden sky-high, municipalities bankrupt, SOE’s a huge burden on taxpayers’ shoulders, and ANC regime not capable to find solutions that are feasible and effective

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Finance Minister, Tito Mboweni issued a cold warning Wednesday in his Medium Term Budgetary Framework (MTBR), and said if action is not taken urgently, South Africa could end up in a debt trap, with rising interest payments on debt, higher interest rates and even higher unemployment. This admonition comes amid a sharp lower adjustment in the expected economic growth for this year – from 1.5% in February’s budget to just 0.5%.

Minister Mboweni painted a dark picture, but not as dark as it should be, economists say.

Rating agencies may welcome its offering, and markets may be somewhat upset about its view of certain aspects of growth and debt burden.

But it also ends there, because the same agencies and markets may react negatively because Mboweni provided a clear lack of broader details on how all the chaos would be reversed.

A shocking interim budget has hit South Africa because with a promise of a budget and growth that is 2% higher over the next three yea
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59 billion bailout just been granted to struggling Eskom

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The National Assembly voted in favor of a special allocation bill on Tuesday that allows a bailout of R59 billion to struggling Eskom.

The bill was approved by 200 votes to 105 with ANC MPs believing the bill is essential to keep the lights on. These MPs argued that many of them grew up in a “permanent state of loadshedding” due to past inequalities.

Others, however, were opposed to this bill.

Nqabayomzi Kwankwa, MP of the United Democratic Movement (UDM), said it was astonishing that MPs were asked to “throw money at the problem” after Eskom reportedly paid R4bn to suppliers too much.

Eskom is about R500bn in the red.

DA Ashor Sarupen said Eskom seems to be burning money instead of coal. “Every citizen is a hostage of Eskom. We are hostages to the power cuts that cause huge economic losses. We are hostages to their bail requirements. We are hostages to their endless management crises, ”says Sarupen.

Wouter Wessels, FF Plus MP and chief spokespers
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Trade unions are rejecting ANC’s plans to sell non-performing SOE’s

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All indications are that the ANC is prepared to execute the Tito Mboweni plan and sell the non-performing entities.

For the ANC it is like swallowing a prickly pear with thorns and all, because it is a testament to their inability to run certain entities profitably.

The Ramaphosa government faces an enormous fiscal dilemma, and the sale of various entities will not only be humiliating, but will also leave many ANC senior workers unemployed when private entities take over the entities.

However, the question is whether Cosatu and other unions will agree to such a move, knowing that their own members may lose their jobs because it is known that the state entities are not profitable because too many people are employed was taken.

Institutions such as Denel, SAA, Eskom, Transnet, and various other entities are likely to come under the “selling spotlight” when negotiating with the unions that will oppose the idea.

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Tito finds himself in a social storm after admitting that too many Africans were appointed to govern South Africa effectively

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Finance Minister, Tito Mboweni finds himself in a social storm after admitting in a radio interview that appointments in government departments are not representative.

According to him, the country cannot be regarded as a democratic, non-racial, non-sexist community.

According to observers, he said tacitly that too many Africans were appointed who could not do the job. He further stated that state ownership should not be regarded as a religion and that the government should dispose of what is currently the economy.

Read the original article in Afrikaans on Die Vryburger

This report does not necessarily reflect the opinion of SA- news

 

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SA motorists brace yourself for big fuel tax increases the coming months – seems like the ANC-regime wants to recoup their loses by taxing you more on fuel levies

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Minister of Finance, Tito Mboweni, will deliver the Budget Speech 2019 in Cape Town on 20 February.

Expectations are high that he will balance competing expenditure priorities to stimulate economic growth in spite of fiscal consolidation measures.

However, the former central banker’s task is formidable and he will likely have a difficult balancing act on his hands.

One of the key balancing acts will be how Mboweni tackles the issue of the fuel levy.

In an analysis of the upcoming budget, PwC tax experts noted that the general fuel levy has been increased significantly in each of the four previous budgets as a means of raising additional tax revenues.

“The general fuel levy is only slightly progressive and was previously seen as being less politically sensitive than VAT,” PwC said.

“This perception has, however, changed with the increased attention resulting from the VAT increase in 2018. As such, it may no longer be
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With SA’s economy unable to grow by 1% under the current dispensation, Finance Minister’s new plans will also fail

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Finance Minister Tito Mboweni has invested a huge meeting of so-called experts to come forward with new plans to reverse the country’s decline.

The event presented at the Reserve Bank Conference Center began with Mboweni’s explanation aimed at requesting experts to propose new models that will boost the economy.

He says the ANC cabinet has often had discussions on the subject, but observers say it is clear that the ANC is hopelessly ignorant to take any vigorous steps to stimulate the economy.

Even World Bank representatives are present, one of whom has new plans can only be recommended by those who succeed in identifying the errors.

Financial experts say the economic situation will not improve as the ANC continues its black-favored, ground-breaking theft, and poor management, along with large-scale corruption of all departments as well as entities such as Eskom and the SABC.

Experts point out that the ANC has held doze
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