Trending Africa
No Result
View All Result
Monday, January 25, 2021
  • Login
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • World
  • News 24
  • Egyptian Streets
  • Politics Nigeria
  • The South African
  • Tech
  • The Nation
Subscribe
Trending Africa
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • World
  • News 24
  • Egyptian Streets
  • Politics Nigeria
  • The South African
  • Tech
  • The Nation
No Result
View All Result
Trending Africa
No Result
View All Result
Home The South African

Cosatu warns against cutting expenditure

by trendingafrica
October 28, 2020
in The South African
0
Today’s latest news and headlines, Wednesday 28 October
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


The Congress of South African Trade unions (Cosatu) says Treasury needs to do away with its counterproductive approach of cutting expenditure in an effort to get the country out of the current economic crisis.

In an interview with The South African ahead of Finance Minister Tito Mboweni’s Meduim Term Budget Policy Statement on Wednesday 28 October 2020, Cosatu’s parliamentary coordinator Matthew Parks said treasury needed to inject stimulus into the economy, particularly towards its infrastructure build program.

“We believe government needs to spend money to prevent the economy from collapsing, government can get the money if it tackles corruption wasteful expenditure which consumes about R150 billion rand every year.”

Cosatu’s Matthew Parks

Parks said investment in infrastructure is among the eight priority interventions listed in the country’s Economic Reconstruction and Recovery plan unveiled by President Ramaphosa on 15 October 2020 in Parliament.

As per the plan which is aimed at rebuilding the economy in the wake of the COVID-19 pandemic, a newly established Infrastructure Fund will provide R100 billion in catalytic finance over the next decade.

Economist: Undue austerity would be counter productive

This year’s mid-term budget will be by far the most challenging for Mboweni, as it is tabled against the backdrop of a recession which the country found itself in – even before the COVID-19 lockdown brought economic activity to an abrupt halt.

Governance issues at state owned entities, governments excessive wage bill, corruption and slow economic growth have contributed significantly to the current crisis which further widened the inequality gap. The latest Quarterly Labour Force Survey indicates that the number of unemployed people increased by 2.2 million.

Economist Dr Azar Jammine has warned against embarking upon undue austerity when the country is dealing with the ravages of the Covid-19 virus.

“He (Mboweni) knows government revenue is likely to fall even shorter and in addition he has to extend social grant payments to the unemployed, so there’s a strong likely hood that the budget deficit will be increased even further compared with the June supplementary budget” Jammine said.

Economist Azar Jammine





Read the original article on The South African

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Tinubu returns to Nigeria after treatment abroad

Tinubu returns to Nigeria after treatment abroad

January 24, 2021
NAFDAC DG urges MSMEs to take advantage of AfCFTA to enter global market

NAFDAC DG urges MSMEs to take advantage of AfCFTA to enter global market

January 24, 2021
Ala-Omu – Ijebu Ode road has become a death trap – residents cry out

Ala-Omu – Ijebu Ode road has become a death trap – residents cry out

January 24, 2021
Chevron’s Ororo-1 Well in Ondo still burning eight months after it caught fire- HOMEF alerts

Chevron’s Ororo-1 Well in Ondo still burning eight months after it caught fire- HOMEF alerts

January 24, 2021

Recent News

Tinubu returns to Nigeria after treatment abroad

Tinubu returns to Nigeria after treatment abroad

January 24, 2021
NAFDAC DG urges MSMEs to take advantage of AfCFTA to enter global market

NAFDAC DG urges MSMEs to take advantage of AfCFTA to enter global market

January 24, 2021

Categories

  • Ahram Online
  • City Voice Newspaper
  • Egyptian Streets
  • General News
  • News 24
  • Politics Nigeria
  • Super Sport
  • The Nation
  • The South African

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
Trending Africa

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Advertisement
  • Contact Us
  • Homepages
    • Home 1
    • Home 2
    • Home 3
    • Home 4
    • Home 5
  • World
  • News 24
  • Egyptian Streets
  • Politics Nigeria
  • The South African
  • Tech
  • The Nation

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In