Mboweni delivers 2019 budget speech

21 Février, 2019, 07:29 | Auteur: Anatole Charbonneau
  • Finance minister Tito Mboweni has earmarked R23 billion per year for the next three years to support struggling power utility Eskom

"But we will find a way to help them", Mboweni said. "If we don't need them, what should we do?", he said. Attention is also expected to shift towards government's plans to spur economic growth and financially tie together all the grand plans, which President Cyril Ramaphosa mentioned in his State of the Nation address two weeks ago. Our country is essentially trying to solve non-financial problems with financial solutions, with Eskom set to receive R23 billion a year for its unbundling exercise.

The fiscal support is conditional on an independent Chief Reorganisation Officer (CRO) being jointly appointed by the Ministers of Finance and Public Enterprises, with the explicit mandate of delivering on the recommendations of the Presidential Task Team.

Mboweni says state-owned enterprises continue to pose risks to the economy. "But if you take, something has to give", said the minister. In view of this, older public servants will be able to retire early.

He said this will save an estimated R4.8 billion in 2019/2010, R7.5 billion in 2020/21, and R8 billion in 2021/22.

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And as a gesture of goodwill, members of Parliament and provincial legislatures and executives at public entities will not be receiving a salary increase this financial year.

On combating crime and corruption, Mboweni said National Treasury and the Department of Justice will work swiftly to support the establishment of the new Investigating Directorate in the NPA.

The budget speech will be delivered at 2pm.

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