South Africa: Government presents FY 2020 supplementary budget and ambitious debt stabilization plan July 20, 2020 On 24 June, the government presented a supplementary emergency budget for the current fiscal year (FY) 2020–2021, which runs until March 2021. Reduced activity has led to sharp downward pressure on pricing power for the most essential goods. This is the largest contraction in nearly 90 years. For this reason, we need to access new sources of funding. Mr President, you are the wise farmer, caring for this Aloe Ferox.

Infrastructure will be the fly wheel by which we grow the economy. The mid-term budget is essentially unchanged from the revised budget tabled in July. Key feature is limiting the growth of the public sector wage bill to 1.8% in 2020… In September, the volume of bulk exports soared by 25.3 per cent y/y. Madam Speaker, I now turn to the second part of this Supplementary Budget, which is to lay before the House the steps we are taking towards the MTBPS. In the Medium-Term Budget Policy Statement (MTBPS), the minister said that South Africa… Honourable members, the division of revenue presented in the 2020 Budget is revised as follows: the nationalshare for 2020/21 increases from R758bn to R790bn, the provincial share decreases from R649bn to R645bn and the local government share increases from R133bn to R140bn. not fall, because it had its foundation on the rock. Details on this recapitalisation are provided in the Supplementary Budget Review. Government will narrow the deficit and stabilise debt at 87.4 percent of GDP in 2023/24. First, it brings an Adjustments Appropriation Bill and a Division of Revenue Amendment Bill to the House. This would mark the deepest global recession since the Second World War, and the broadest collapse in per capita incomes since 1870. The SARB has also supported liquidity in the domestic bond market. This is indeed a remarkable achievement. The storm is not over. The Treasury highlighted the risk of a debt spiral because if this spiral is not halted and reversed, it is likely that some state-owned companies and public entities will collapse, triggering a call on guaranteed debt obligations. This will bring about the broadest collapse in per capita incomes since 1870. Please reload the CAPTCHA. But if we do not act now, we will shortly get there. For wide is the gate and broad is the road that leads to destruction, and many enter through it. Municipalities will adjust their budgets to take into account the sharp decline in revenue as a result of the pandemic. Our debt will spiral inexorably upwards and debt‐service costs will crowd out public spending on education and other policy priorities. One of these is to shift away from the electricity supply system that was introduced in 1923, when George V, the Queen’s grandfather, was the King of what was known as the Union of South Africa.

we will table a second adjustments budget in October together with the Medium‐Term Budget Policy Statement. After the storm ends, we must work just as quickly to emerge with a sustainable fiscus. Insurers and medical aid schemes have provided premium holidays. Republic of South Africa 26 February 2020 ... 3.2 Revised gross tax revenue projections..... 24 3.3 Adjustments to main budget non‐interest ... • The 2020 Budget proposes total consolidated spending of R1.95 trillion in 2020/21, with the largest allocations going to learning and culture (R396.4 billion), health (R229.7 billion) and social development (R309.5 billion). Government has negotiated a package of economic reforms with its social partners that will improve productivity, lower costs and reduce demands of state-owned companies on the public purse.  =  The upcoming MTEF will pilot this approach. To support vulnerable households an additional allocation of R25.5 billion to the Social Development department is proposed, for a total relief package of R41 billion. Olympics vs Japanese vs Covid-19: which will win in 2021?

In June, the National Treasury forecast that the economy would contract by 7.2 per cent in 2020, but that remained dependent on a rapid increase in take up of the bank loan guarantee fund of R200 billion, which is a massive 40 per cent of the R500 billion economic stimulus package announced in April. Let us listen, let us practice and let us build!

We have many strengths. Details on this recapitalisation are provided in the Supplementary Budget Review. This meant that almost half of households thus ran out of money to buy food, causing extensive hunger and social distress. The historic nature of this pandemic and economic downturn has made it necessary to table such an adjustment.



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