Mboweni aims to slash spending by at least R150bn as fiscal risks rise along with debt

Finance Minister Tito Mboweni is aiming to slash expenditure by at least R150-billion over the coming three years, or R50-billion a year, as part of a plan to stabilise public finances and transition to a balanced primary Budget in 2022/23. The Minister, who released the 2019 Medium-Term Budget Policy Statement (MTBPS) in Parliament on Wednesday, has indicated that the “sweet spot” for stablising the country’s finances would actually involve expenditure cuts of closer to R240-billion over the period, which would be difficult to achieve.