Finance Minister Tito Mboweni delivered his medium-term budget policy statement in the National Assembly on 28 October 2020.
Mboweni said while the South African economy will contract by 7.8% this year, the economy is forecast to grow by 3.3% in 2021, 1.7% in 2022 and 1.5% in 2023.
He said President Cyril Ramaphosa’s economic construction recovery plan has ensured that the economy’s recovery will be accelerated.
Mboweni also confirmed the special R350 Covid-19 social relief of distress grant will be extended until 31 January 2021. R6.8 billion has been allocated to the Department of Social Development to extend this grant.
He also said it is not true that the R500 billion relief package has been entirely lost to corruption. He says it is being used to cushion the impact of the pandemic and aspects will continue to be rolled out over the medium term, particularly the Presidential Employment Programmes.
Read the full speech at the link below, or watch him live in action:
— National Treasury (@TreasuryRSA) October 28, 2020