Finance Minister Comments on Public Finances

Highlights of comments from a speech delivered by Finance Minister Godongwana to a Public Finance Managment Conference:

• Our public finances are currently in a difficult position, one that is increasing in complexity and uncertainty. The short-term risks to the local and global economy that we predicted in February Budget, have now materialised.
• Government has collected much lower-than-expected tax revenue. At the same time, tighter financial conditions have made it difficult to borrow more and at affordable rates.
• Continued loadshedding, the poor performance of our logistics sectors, and the lasting damage done by state capture to our institutions, have made the difficult fiscal situation even more challenging.
• These and other factors have put tremendous strain the on the financial resources we have available to address our most urgent service delivery priorities.