Johannesburg- Minister of Finance, Enoch Godongwana delivered the Mid Term budget Statement in Cape Town earlier today.
In his speech he said that the Covid-19 pandemic has put a strain on the economy, increased the country’s debts and revealed inequality.
“This budget speech is to navigate the country to economic recovery. July riots exposed the fragility of the country’s economy,” Godongwana.
According to the minister, the economy recovered quicker than expected in the first half of the year.
The economy is expected to grow by 5.1 percent in 2021 from 6.4 in the previous year.
“Tax collections exceeded the expectations. R100 billion to be allocated over the next decade to maintain the economy.”
The country is also looking to introduce the e-visa system which will be rolled out to 15 countries by March 2022 as a way of boosting the tourism sector and attracting more tourists.
In addition, R11 billion has been set aside by the South African Special Risk Association to settle the riot-related damages.
Revenue Windal has also put forward R48.9 billion following the July riots.
To read more about the Mid Term Budget Statement click here.
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