The medium-term budget policy statement (MTBPS) tabled in parliament on Wednesday by finance minister Tito Mboweni was characterised by significant spending cuts and belt-tightening measures, as the National Treasury looks to address the country’s mounting debt.
Annabel Bishop, chief economist at Investec Bank Limited South Africa, outlines some of the critical elements to come out of the budget.
She highlights that while it was a daunting budget statement, it is the best the country could have hoped for.
Here is what she had to say:
