Subject category:
Economics, Politics and Business Environment
Published by:
Wits Business School - University of the Witwatersrand
Abstract
In December 2017, as South Africa's minister of finance, Malusi Gigaba, and the Treasury continued putting together the country's 2018 budget, the country seemed perilously close to a fiscal cliff. Dismal economic growth and failures to contain government spending threatened to push the national debt to unsustainable levels - a situation compounded by public mismanagement and pervasive corruption in the form of 'state capture'. Gigaba had to find a way of halting the decline of South Africa's finances while ensuring that the fiscus continued in its central role of supporting the poor.
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Abstract
In December 2017, as South Africa's minister of finance, Malusi Gigaba, and the Treasury continued putting together the country's 2018 budget, the country seemed perilously close to a fiscal cliff. Dismal economic growth and failures to contain government spending threatened to push the national debt to unsustainable levels - a situation compounded by public mismanagement and pervasive corruption in the form of 'state capture'. Gigaba had to find a way of halting the decline of South Africa's finances while ensuring that the fiscus continued in its central role of supporting the poor.
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