Finance Minister paints dire picture of South Africa's economy
On Wednesday, Finance Minister Tito Mboweni told South Africa that he is worried about the state of the country's economy.
After crunching the numbers, Finance Minister Tito Mboweni told MPs there is no getting away from the fact that the country is knee-deep in debt.
Among the problems are the ailing state-owned enterprises and fat paychecks for officials.
"Our national debt is increasing at an unsustainable pace. The economy is not performing well," said Mboweni.
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"This year, the national debt exceeded R3 trillion. It is expected to rise to R4.5 trillion in the next three years."
A series of cutbacks to perks given to officials would inject some cash into the coffers.
"For the foreseeable future, cabinet, premiers and MECs’ salaries will be frozen at current levels. All domestic travel will be on economy class tickets."
Martin Bester found this shocking and is worried.
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