SA will be penniless by April 24 if it doesn’t cut expenditure: Godongwana

JOHANNESBURG - As Minister of Finance, Enoch Godongwana prepares to deliver his mid-term budget speech this week, he said that if the country doesn't cut expenditure and increase borrowing, it will be out of cash by the end of March 2024.

He made the comments at the Kgalema Motlanthe Foundation's three-day Inclusive Growth Forum, which was in the Drakensberg. Godongwana is set to deliver his midterm budget on Wednesday on the back of some jitters over austerity measures.He has argued that his cuts are below 2022’s underspending of R28 million.

Godongwana said South Africa has an issue with capacity. He also gave some insights into how Treasury is approaching Wednesday. “First thing we've done is to manage this thing in a more prudent way, do a combination of cutting expenditure, and bumping up borrowing.”

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