Finance Minister Tito Mboweni thanked MPs online for parliament to approve the allocation bill, knowing he will return on June 24 with a modified budget.
He says since delivering his budget speech in February, the economy is now in a deeper recession, tax revenue has fallen sharply and the country needs to pay attention to what is feasible.
“Most aspects of the economy are struggling. Everyone is struggling. Some of our big companies are struggling, ”says Mboweni.
According to Mboweni, it is becoming increasingly clear that the country has to adapt to changing circumstances because “the country is no longer as rich as it once thought it was.”
“We need to focus on activities that grow the economy, infrastructure and cut spending.”
He advised parliamentarians to do research on each issue.
