The second wave of Covid-19 infections and restrictions in countries such as Germany and France is devastating for South Africa’s tourism industry.
And if a second wave hits South Africa, it will also be devastating for the local economy, Finance Minister Tito Mboweni warned on Thursday.
He warned at a joint meeting of parliament’s finance committees that South Africa was now in the danger zone as far as its debt was concerned. Any failure to stick to the plan to stabilize debt over a five-year period will push the debt-to-GDP ratio of 100% and even higher.
Mboweni did not want to answer a question from Fanie du Toit, FF Plus member of the selected committees on finance and allocations in the provinces’ national council.
Du Toit wanted to know the country’s economic impact on the policy of expropriation without compensation. Here, too, Mboweni said he would be like a rugby player and kick the ball out at the sideline because it is not in his field. “I have to stay in my job.”