Politics / 30 October 2019, 1:34pm / Staff Reporter
JOHANNESBURG - South Africa's minister of finance Tito Mboweni delivers his Medium Term Budget Policy Statement to South Africa in Parliament on Tuesday.
The MTBPS is an important piece of SA's budgeting process.
The first statement was published on the second of December 1997, during the first democratic administration led by President Nelson Mandela.
Mboweni’s much-anticipated MTBPS will be watched with a keen eye by investors and Moody’s Rating Agency as he is expected to table a complete economic recovery plan.
Also expected is Mboweni’s announcement of Eskom’s and SAA turnaround plan, which includes the unbundling of the troubled power utility and the inclusion of private partners in rescuing the State-owned carrier.
Eskom’s debt of more than R450 billion has been cited as the single largest threat to the country’s fiscus.
Moody’s Ratings Agency, the only agency that still has South Africa’s sovereign credit rating above junk, recently assured that it was likely to maintain South Africa’s investment grading with a negative outlook in its next review on 1 November but highlighted Eskom’s unsustainable capital structure and called for urgency of turnaround plan.
Watch the finance minister deliver the statement below: