Mboweni’s budget ‘devoid of SA’s economic realities’, says EFF

0

The Economic Freedom Fighters (EFF) on Wednesday, 24 February 2021, said in a statement that finance minister Tito Mboweni’s budget was unrealistic and based on “outdated policies”.

The reality is that Mboweni and the National Treasury have run out of ideas and failed to present a fiscal framework that is capable of reviving South Africa’s struggling economy with the capacity to centre government procurement’s budget as a drive for localisation and industrialisation”.

EFF responds to budget speech

‘Local government collapsed’

The party went on to say it is “not surprised that the budget presented retained the same division of revenue framework that has seen local government allocating less. The party also highlighted the hardships South Africans have to endure.

“Local government has collapsed in many places across the country, our people who do not have access to basic water, electricity, sanitation and other basic infrastructure will continue to suffer with more degeneration of service”.

The EFF said the “continued onslaught on the poor, working-class and students” is unacceptable, adding that the Treasure “has been hellbent on neoliberal ideas since the advent of democracy”.

The party also noted that Mboweni failed to put forward a “believable and implementable plan” to revive South Africa’s economy, describing it as a “missed opportunity” to address SA’s “chronic unemployment”.

“This is important given the country’s chronic unemployment that has locked more than 11 million people out of jobs. In addition, the continued dependence on the private sector who proved at the peak of the COVID-19 pandemic that they will prioritise profits of livelihoods is misguided”.

Land Bank and tax adjustments for workers

That said, the EFF welcomes the “funding to the Land Bank and call for a mandate that is closely linked with the current process of Parliament to amend Section 25 of the Constitution to allow expropriation of land without compensation to give the bank a mandate that is linked with a redistribution of land equally to our people”.

The party also welcomes the “sensible approach” in which taxes “were not adjusted for workers”, especially during the hardships of the COVID-19 pandemic. However, the statement continues:

The reduction of corporate income tax to attract non-existence investors is based on a defunct understanding of economic stimulus, particularly in the period of a pandemic”.

Choose your Reaction!
Leave a Comment

Your email address will not be published.

Latest Posts
error: