BUSINESS MAVERICK ANALYSIS: View from the Peninsula: Don’t let the dream be deferred

What happens to a dream deferred? Does it dry up, like a raisin in the sun? Or fester like a sore – and then run? Does it stink like rotten meat? Or crust and sugar over – like a syrupy sweet? Maybe it just sags like a heavy load.

South Africa is at the crossroads of a full-blown fiscal crisis. Failure to act to curb debt will trigger a debt default, plunging the local financial system into crisis and sending the country into the arms of the IMF, whether the ANC or anyone else likes it or not. Our children and their children will bear this burden.In the 2000s, come Budget day Finance Minister Trevor Manuel would hand out trees and succulent plums to highlight the prosperous times the country had found itself in.

In particular, Schumpeter said, the Budget is a powerful index of a society’s values, not merely in its language and numbers, but in the lived experience of its impact on people, families, workers, businesses and organisations. Don’t forget that we are still borrowing like crazy people. Since February 2020, SA’s borrowing requirement for the current year has increased by R344.2-billion to R776.9-billion.

By the end of 2020 gross debt will double to R4-trillion, climbing to R4.8-trillion by 2023. Talking in trillions divorces us from the reality – that is a difference of R800-billion.

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BUSINESS MAVERICK: Moody’s casts doubts on South Africa’s bid to stabilise debtRating agency Moody’s said late last week that South Africa’s goal to bring its surging debt load under control ‘will be very difficult to achieve’ and ‘unlikely’. That may seem like a statement of the obvious, but it is telling that it was made by Moody’s. If the rating agencies are not convinced by Treasury’s plans, more downgrades could be in the offing, which in turn will make the goal of debt stabilisation even more elusive.
منبع: dailymaverick - 🏆 3. / 84 ادامه مطلب »

BUSINESS MAVERICK: Government isn’t budging on salary increases for public sector workersThere are 1.2 million public sector workers including doctors, nurses, teachers, police, correctional services officers, and workers in three spheres of government. They hoped that Tito Mboweni would honour the three-year wage agreement that promises them salary increases of between 4.3% and 5.4% in 2020. But Mboweni kicked the wages can down the road.
منبع: dailymaverick - 🏆 3. / 84 ادامه مطلب »

Anele: I'm sorry if I let Chiefs down, football is a business | CitypressNot many PSL players are as easy-going and transparent as Mamelodi Sundowns defender Anele Ngcongca. He chats to Daniel Mothowagae about racism, gender-based violence, money and old interest from Chiefs.
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