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Minister of Finance in South Africa, Tito Mboweni will deliver his medium term budget speech today.
Live Stream – Minister of Finance is expected to deliver 2021 budget speech on Wednesday 24 February.
As expected on yearly basis that the government will give a budget speech to the nation. This year in accordance with 2020 being a pandemic year, Tito may not have much to say as good news.
The minister is under immense pressure to essentially deliver a financial plan which sectors including labour and business will be satisfied with.
Alcohol industry is one of the businesses that have been hugely impacted by three U-turn of the ban amid Covid-19 regulations. The industry lost R36.3 billion in sales revenue due to three bans.
The tobacco industry also lost millions following a five-month long ban on the sale of cigarettes and tobacco products in 2020.
Budget speech time: 14:00pm
Opposition parties have called for government to avoid piling more taxes on to people who are already severely under pressure from the pandemic.
Challenges ahead for Tito
- Load shedding
- Unemployment
supplementary budget review in June, Tito announced that there is a short fall of R300 billion, Covid-19 pandemic has brought pressure on economy.
What to expect from the budget speech
SA unemployment rose to 32.5%
He will talk about unemployment in the country in line with Covid-19 pandemic.
Things to go forward in the business industry.