In a study published last week, the Fitch credit rating agency has warned the ANC government, which is still reluctant to consider public sector salary demands for the next three-year term, over it’s inability to exercise control over spending, which could lead to further budget problems.
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Fitch Rating Agency Warns ANC Regime over Uncontrolled Spending and Unproductive Public Sector Salaries!
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South Africa’s army has run out of money – this is how much trouble it is in
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South Africa’s National Defence Force (SANDF) is in a dire financial state, and with no promise of future funding, things may still get worse. Answering in a recent parliamentary Q&A session minister of Defence and Military Veterans, Nosiviwe Mapisa-Nqakula, said that current plans to get the SANDF back on track are entirely dependent on its..
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SA has a national debt of R3 trillion rand and tax deficit of R53 million
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Following the disappointing mid-term budget speech by Tito Mboweni, the Rand reached its lowest level in weeks. Eskom’s rescue plan has nowhere really figured in either Pravin Gordan’s submission or Mboweni’s budget reason. The government’s financial situation is rapidly deteriorating with the national debt of R3 trillion and a tax deficit of R53 billion. Moody’s..
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SA debt burden sky-high, municipalities bankrupt, SOE’s a huge burden on taxpayers’ shoulders, and ANC regime not capable to find solutions that are feasible and effective
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Finance Minister, Tito Mboweni issued a cold warning Wednesday in his Medium Term Budgetary Framework (MTBR), and said if action is not taken urgently, South Africa could end up in a debt trap, with rising interest payments on debt, higher interest rates and even higher unemployment. This admonition comes amid a sharp lower adjustment in..
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SAPS R20 billion budget cuts could lead to a loss of 23 000 personnel over next 3 years
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On Wednesday, in the Portfolio Committee of Police, the South African Police Service (SAPS) announced that National Treasury has instructed SAPS to cut their budget through a 5%, 6% and 7% baseline reduction over the next three years, which may ultimately result in a loss of 23 000 personnel. This shocking announcement comes at a..
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Parasitic Parastatal Eskom, paralysing SA as the country runs out of money. Unless considered action is taken, not just talk – South Africa remains on the brink of destruction
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When Finance Minister Tito Mboweni on Tuesday told MPs government would have to review its funding requirements, he put into financial jargon that, actually, South Africa’s running out of money. And Eskom is to blame, in the main. Bluntly put, Tuesday’s Special Appropriation Bill is scraping together R59-billion extra for Eskom — that’s in addition..
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Nelson Mandela Bay’s budget is being allocated to poor areas – Could it be true and will poor white communities also benefit?
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The mayor of the Nelson Mandela Bay Municipality, including Port Elizabeth, announced that the total budget of the city will be allocated to poor areas. It follows after Athol Trollip was removed as mayor and Mongameli Bobani took over his position. The DA is currently working on a court application to fight Trollip’s removal. Read..
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