The 2020 National Budget presentation has been tentatively set for November 4, 2019. It will be Finance and Economic Development Minister Mthuli Ncube’s second budget presentation since he was appointed a minister in 2018.
The theme of Ncube is 2019 budget was “Austerity for Prosperity” and the results have been a sluggish economy beset by galloping inflation and currency volatility.
The country is facing a myriad of challenges which need to be addressed urgently. These include galloping prices caused by the constantly rising exchange rate, shortage of foreign currency needed for imports as well as acute fuel and electricity shortages.
Other challenges Ncube need to address include low industrial and agricultural production, little investment inflows, and high cost of business.
He also needs to deal with ease of doing business constraints, a multiplicity of taxes (among them the infamous 2 per cent tax), and poor infrastructure.