Analysts say government's finances are under increased pressure.
will have a tough job ahead of him when he presents his Medium Term Budget Policy Statement on Wednesday afternoon.Analysts say government’s finances are under increased pressure due to various spending priorities including bailout requirements by ailing state-owned entities, increased social support, and a rising public service wage bill.
National Treasury’s proposed spending cuts include a freeze on hiring new staff, curbing non-essential travel and putting a hold on some infrastructure plans. Economist at Momentum Investments, Sanisha Packirisamy says, “Going into an election year its going to be quite difficult for government to make meaningful cuts on the salary bill and other forms of expenditure.
He says the country’s growing budget deficit will increase government’s borrowing requirements which will come with higher interest repayment costs. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
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