Posts tagged with 'Finance Minister Tito Mboweni'

 

Parasite SEO Eskom, paralysing SA as the country is running out of money; unless considered action is taken, not just talk – South Africa remains standing at the brink of destruction

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When Finance Minister Tito Mboweni on Tuesday told MPs government would have to review its funding requirements, he put into financial jargon that, actually, South Africa’s running out of money. And Eskom is to blame, in the main.

Bluntly put, Tuesday’s Special Appropriation Bill is scraping together R59-billion extra for Eskom — that’s in addition to the R23-billion a year already announced in February’s Budget — to ensure the power utility keeps its lights on.

The bailout timing is crucial — a week to the day before Eskom releases its financial results. Twice delayed already, it’s now on public record the power utility wasn’t a going concern; effectively bankrupt, it can’t meet its obligations under its own steam. The Special Appropriation Bill’s proposed R59-billion bailout over two years has ensured the auditors, on the back of such an official guarantee, can now sign off on the Eskom financials.

“Eskom’s funding pl
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Mboweni’s truths: We are bankrupt and people will lose their jobs – If you ever doubted that South Africa’s economy was in deep, deep trouble, doubt no more

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There is a line in Finance Minister Tito Mboweni’s brutally honest 2019 Budget Speech that I can’t get out of my head.

“We are borrowing R1.2bn a day.”

Read that again. Let it sink in. If you ever doubted that South Africa’s economy was in deep, deep trouble, doubt no more.

Some perspective: R1.2bn is the value of Bosasa’s biggest two tenders, combined, that we borrow per day. Or: with R1.2bn, you can build about 8 000 low-cost houses. And that is what we borrow per day.

We are borrowing just to keep the lights on, to service our debt and to keep the state ticking.

Any Grade 10 learner with a basic grasp of mathematics will tell you that we are doomed to fail if we keep on spending more than what we earn. It’s literally that simple.

Mboweni had the tough job of breaking this news to South Africans. He didn’t mince his words and his ANC colleagues sat stone-faced as he punted se
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One of the main reasons why the country’s economic situation can worsen further in 2019 is because the Treasury is in the hands of Africans – of the 55 chief directors there are only seven white men and ten white women

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The Treasury has released dreadful news in a report indicating the breakdown of chief directors at the department.

Figures by Tito Mboweni indicate that of the 55 chief directors there are only seven white men and ten white women.

The other posts are filled by 25 black men and women, six coloured’s and seven Indians.

This means that only 30.9% of jobs are filled by whites while only one white holds a director-general’s post.

The report is considered by experts to be one of the main reasons why the country’s economic situation will deteriorate further in 2019.

With Ramaphosa’s inability to make Eskom and other state-owned industries profitable, the year is set to deliver dark times.

Photo – Minister Tito Mboweni
Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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