Mboweni details measures to grow economy
The country's new Finance Minister has announced five stimulus measures that will boost our economy.
During his maiden budget speech earlier this afternoon, Tito Mboweni said South Africa's 2018 economic growth forecast had been revised downward from 1,5 percent to 0,7 percent with our economy being among the slowest over the past decade when compared to peer countries.
Mboweni says these measures will help reverse the downward trend.
Mboweni says South Africa is at a crossroads, where we can choose a path of hope or despair.
He's used Charles Dickens' A Tale of Two Cities to illustrate his point.
"It was the best of times, it was the worst of times. It was the age of wisdom and the age of foolishness."
He's delivering the mid-term budget - his first since taking over the reins earlier this month following Nhlahla Nene's resignation.
Mboweni says the country is facing difficult economic times and we can make choices.
"We must choose a path that takes us to a faster and more inclusive economic growth, and strengthens the private and public sector investment. We must choose a path that stabilises and reduces the national debt.
"We cannot continue to borrow at this rate. We must choose to reduce the structural deficit for we cannot continue to have a wide difference between our and expenditure," Mboweni said.