<\/p>\n
Finance Minister, Enoch Godongwana, has denied that government has run out of money saying its revenue collection was lower than projected earlier this year. <\/p>\n
However, Godongwana said government wanted to manage its finances prudently to ensure there was delivery of services.<\/p>\n
The government has in the last few weeks come under fire from political parties and unions for cost-cutting measures proposed by National Treasury and said this would impact service delivery. <\/p>\n
Godongwana said they wanted to manage finances in a sustainable manner.<\/p>\n
He said when he presented his Budget in February the situation was different to what it is now.<\/p>\n
\u201cGovernment is working to manage public finances in a prudent and sustainable manner. This includes appropriately responding to the materialisation of risks, include unforeseen economic and financial conditions,\u201d said Godongwana, who was replying to a written parliamentary question from EFF MP Mzwanele Manyi.<\/p>\n
\u201cTo be clear, the government has not run out of money,\u201d Godongwana said. <\/p><\/blockquote>\n
\u201cGovernment publishes the \u2018Statement of the National Government\u2019s Revenue, Expenditure, and Borrowing\u2019 monthly, available on the National Treasury website. This statement provides detailed information into government revenue collections, expenditure and borrowing,\u201d he said.<\/p>\n
\u201cRevenue collections for the first four months of 2023\/24 have performed below expectations, primarily due to under-collections in corporate income tax and higher VAT refunds. Therefore, the main budget deficit for the first four months of 2023\/24 is higher than expected,\u201d Godongwana said.<\/p>\n
\u201cCompared to the 2023 Budget, the economic and revenue outlook has deteriorated, and tighter financial conditions have constrained government\u2019s borrowing programme and led to higher borrowing costs. Government remains committed to prudent fiscal management and addressing these challenges to ensure the financial stability of the nation.\u201d<\/p>\n
Godongwana is expected to give more details on the state of the economy when he delivers his Medium Term Budget Policy Statement in November.<\/p>\n
But economists warned that if the economy fails to pick up it could spell more trouble for the country.<\/p>\n
siyabonga.mkhwanazi@inl.co.za<\/p>\n
<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"
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