President Ramaphosa’s fiscal headache or a chance to start proving himself...?

SOUTH AFRICA - Report 20 Feb 2018 by Iraj Abedian

New South African President Cyril Ramaphosa has inherited a fiscus that is in a dire state. For instance, National Treasury announced a projected tax revenue to fall short of the 2017 Budget estimate by R50.8 billion (during MTBPS 2017), the largest downward revision since the 2009 recession. Even though the Treasury made known its intensions and implemented some measures at fiscal consolidation, this has not been very successful for many reasons. One of these has been the constant bailing out of mismanaged state enterprises such as the South African Airways. For example, Minister Gigaba indicated (during Medium Term Budget Policy Statement 2017) that additional appropriations of R13.7 billion had been made to recapitalize South African Airways and the South African Post Office.

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