[imagesource: Esa Alexander / Sunday Times]
Yesterday, finance minister Tito Mboweni presented his medium-term budget policy statement.
This is different from the government’s plan to rescue the South African economy, or the Economic Reconstruction and Recovery Plan, as it’s officially known, which was panned by critics.
Mboweni’s statement was also met with apprehension on many fronts, not least of which was the decision to throw another R10,5 billion down the massive money sinkhole known as SAA.
Yet, at the same time, the police budget was cut by R1,65 million, and Government Communications and Information Systems (GCIS) budget by R5,9 billion.
Who needs law enforcement and crucial communications infrastructure sorted when you can nibble on chicken or beef aboard a failing airline that hoovers up bailout after bailout with nothing to show for it?
At least Mboweni had his trusty aloe by his side, which be brings along to these things because the plant is “resilient, sturdy and drought-resistant”.
I’d give him props if he brought that other plant he’s been growing along for show and tell.
After the SAA announcement was widely criticised, Mboweni went on the defensive, and in a media briefing following his speech, stressed that it was not a “bailout”, but rather funding to implement the business rescue plan in place, which will only become available in January of next year.
Anyway, we promised a wrap of the budget statement in under five minutes, so let’s get to that video.
If you’re after a more in-depth analysis, the Daily Maverick has you covered here (to quote, it was “every bit as grim as expected – and worse”), and EWN has a graphic breakdown of some key figures here.
Here’s the video TimesLIVE has put together:
[source:timeslive]
