National
MTBPS: Economists not impressed at lack of detail─── SABRINA DEAN 16:18 Wed, 22 Oct 2014
Cape Town - While economists have praised Finance Minister Nhlanhla Nene for taking cognisance of the economic challenges facing South Africa, they are not impressed at the lack of detail on addressing these challenges.
PSG Portfolio Consultant Amelia Morgenrood says Nene’s Medium-Term Budget Policy Statement, tabled in Parliament this afternoon, showed a lack of bold, strong leadership.
Morgenrood says it is distressing that Nene didn’t mention ministerial privileges while highlighting cost-cutting measures.
Morgenrood says it is distressing that Nene didn’t mention ministerial privileges while highlighting cost-cutting measures.
He did, however, announce measures expected to save about R1.3-billion over the next two years, including freezing budgets for non-essential goods and services, withdrawing funding for long time vacant posts, as well as cutting planned expenditure on travel and subsistence, conference venues and catering.
Nene revised South Africa’s expected growth down from 2.7% to 1.4%, saying Treasury projects growth will reach 3% in 2017.
Sabrina Dean/OFM News
Amelia Morgenrood:
