Time to revamp budgeting policies to get the economy moving

THE socio-economic effects of Covid-19 and the lockdowns have worsened the lives of most South Africans.

Added to this current situation, South Africa’s economic growth did not improve, resulting in an increased unemployment rate.

In order to address the lack of the required growth in the economy and the achievement of fiscal objectives, Finance Minister Tito Mboweni’s Budget speech failed to address major concerns like unemployment and how to adequately grow the economy.

The lack of progress on crucial development targets such as job creation and finding efficient solutions in meeting peoples’ cries for the lack of effective policing, improved education and health-care facilities and easier excess to basic needs such as food, water, electricity and shelter does not instil a sense of hope in citizens.

The present Covid-19 pandemic interconnects with a number of current and historic challenges which continue to replicate and form new societal ills and crisis.

In order to focus on the already dire situation, South Africa needs a wide-ranging short, medium and long-term economic development plan.

It seems as though traditional methods are not working to get the economy moving.

Accordingly, it is time to go back to the drawing board and revamp budgeting policies, public financial supervision and economic management.

South Africa needs a forceful economic development plan that energises the implementation of economic recovery, good governance and procedures. MOHAMED SAEED | Pietermaritzburg