South Africa doesn’t have the money to invest in troubled state-owned enterprises (SOEs), according to Business Unity South Africa.
The organisation’s chief executive, Cas Coovadia, commented ahead of Finance Minister Tito Mboweni’s medium-term fiscal policy statement.
“We have to make sure that public spending is focused and prioritized. We don’t have the money to invest in wasted projects. We don’t have the money to invest in state-owned enterprises that have no potential economic or social return,” he said.
Mboweni will deliver his budget on Wednesday, amid a difficult economic environment, exacerbated by the COVID-19 pandemic.
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