The DA has slammed finance boss Malusi Gigaba's medium-term budget policy statement, calling it a reflection of President Jacob Zuma's "catastrophic management of the economy".
The party's David Maynier said Gigaba's presentation of the budget policy in parliament on Wednesday reveals a "full-scale budget blow-out".
While Gigaba delivers this say-nothing #MTBPS The only thing falling faster than the Rand is the Presidents eyelids— John Steenhuisen MP (@jsteenhuisen) October 25, 2017
Pity Gigaba!His appointment led to S&P junk-grading SA.If not careful, his maiden Mini-Budget could lead to a disastrous capital withdrawal.— Iraj Abedian (@IrajAbedian) October 25, 2017
Maynier said the statement revealed a massive shortfall of R50.8-billion; a breach of the expenditure ceiling by R3.9-billion; and a "blow-out" in the budget deficit by R54-billion to R203-billion – or 4.3 percent of GDP – in the 2017/18 financial year.
Today we are going to listen to the Gupta Minister of Finance for the MTBPS and we expect nothing from him. He's got no integrity at all!— Floyd Shivambu (@FloydShivambu) October 25, 2017
"Worse, any prospect of the recovery now rests with a mystery presidential committee under [Zuma] who is ground-zero of the meltdown in the economy in South Africa," Maynier said.