http://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / South African News RSS ← Back
Africa|Finance|Power|Africa|South Africa|Catastrophic Management|Finance|Service|David Maynier|Jacob Zuma|Malusi Gigaba
Africa|Finance|Power|Africa||Service|
africa-company|finance|power|africa|south-africa|catastrophic-management|finance-industry-term|service|david-maynier|jacob-zuma|malusi-gigaba
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Verification Image. Please refresh the page if you cannot see this image.

Sponsored by

Close

Article Enquiry

DA says Gigaba’s mid-term budget statement points to catastrophe

Verification Image. Please refresh the page if you cannot see this image.
Close

Embed Video

DA says Gigaba’s mid-term budget statement points to catastrophe

25th October 2017

By: African News Agency

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

Finance Minister Malusi Gigaba’s first medium-term budget policy statement showed clearly the catastrophic impact President Jacob Zuma has had on the South African economy, the Democratic Alliance (DA) said on Wednesday.

“The Minister of Finance, Malusi Gigaba’s maiden’ medium-term budget policy statement exposes the full horror of President Jacob Zuma’s catastrophic management of the economy in South Africa,” DA finance spokesperson David Maynier said.

Advertisement

He said it showed there was a “full-scale budget ‘blow out” characterised by a revenue shortfall of R50.8-billion, an increase in debt service costs to R163.3-billion and an increase of the budget deficit to 4.3% of GDP.

“Worse, any prospect of the recovery now rests with a mystery ‘presidential committee’ under President Jacob Zuma, who is ‘ground zero’ of the meltdown in the economy in South Africa,” Maynier added.

Advertisement

He was referring to a committee in the presidency set up to advise the minister on reforms and budget prioritisation.

Asked about it on Wednesday, Gigaba said perceptions that it would erode the power of National Treasury were unfounded.

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now
Register Close