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MTBPS paints bleak picture that will disappoint both market and ratings agencies

26 October 2017

Today’s Medium Term Budget Policy Statement (MTBPS), presented in Parliament by Finance Minister Malusi Gigaba, paints a bleak picture: the expenditure ceiling has been breached, there is no primary surplus and debt and guarantees combined are above 60% of GDP. Not only is the market likely to hate it, but Standard & Poor’s may well downgrade our domestic credit rating in November.

Treasury’s options to increase revenue is limited

23 October 2017

It is expected that this year’s Mid-Term Budget Speech (MTBS) will reveal a revenue shortfall of between R35 billion and R50 billion as a result of South Africa’s growth and tax revenue collections underperforming again this year.

All eyes on the new Minister of Finance with his first mini-budget

19 October 2017

Finance Minister Malusi Gigaba will be delivering his inaugural Medium-Term Budget Policy Statement (MTBPS) on 25 October. His approach to the fiscal challenges facing the country will be vital to quell concerns about the economy, the perceptions of corruption and wasteful expenditure.