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BL Premium reports that finance minister Tito Mboweni said on Thursday that the "never-ending demands" of state-owned enterprises (SOEs), the public sector wage bill and corruption and general mismanagement were the major threats to SA’s fiscal sustainability.
He was speaking ahead of the World Economic Forum (WEF) meeting in Davos, Switzerland. SOEs that were able to demonstrate a sustainable revenue stream that could fund a business would require support, he said, but those that could not, should "ask themselves about their existence”. The growing public sector wage bill, though "difficult to talk about", was another "huge threat to our fiscus", Mboweni said. "And this has to be approached responsibly in trying to find a solution, before the February budget," he added. Mboweni also railed against corruption, waste and mismanagement at the national, provincial and local government levels, which was destroying bulk infrastructure and was costly for the state to replace. However, he stated that there was “a determination on the part of SA authorities to implement serious structural reforms". These included a determined effort to put SOEs on the correct path. Mboweni also emphasised the independence of the SA Reserve Bank and gave reassurances that this would be communicated to global investors.
- Read the full original of the report in the above regard by Lynley Donnelly at BusinessLive (paywall access only)
Get other news reports at the SA Labour News home page