21 June 2020 - 17:24Union federation Cosatu wants finance minister Tito Mboweni to significantly increase spending when he tables his supplementary budget in parliament on Wednesday.National Treasury expects the budget deficit — which is the shortfall between revenue and expenditure — to have grown to more than 14% for the current fiscal year.
Cosatu wants the finance minister to announce a huge stimulus plan of not less than R1-trillion to rebuild the economy. “Anything less will not be able to stop an economic tsunami that is on the horizon. We can no longer accept an unemployment rate of 40% as normal, let alone one of more than 50%,” the federation's parliamentary co-ordinator Matthew Paris said in the statement.
Cosatu also wants the Treasury to significantly reprioritise expenditure, and shift funds to key departments that are on the front line in the fight against the Covid-19 virus. This includes money being allocated to the health department to allow for the employment of additional health workers to deal with the peak of the virus as well as the high disease burden in SA.
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