Busa: SA doesn't have money for SOEs

Finance Minister Tito Mboweni will today deliver his Medium-Term Budget. Mboweni has a tough task on his hands due to the deteriorating economy, hit hard by the #COVID19 pandemic. Jane Dutton speaks to Cas Coovadia from Business Unity South Africa. #eNCA Courtesy #DStv403

JOHANNESBURG - South Africa does not have the money to plough into ailing SOEs, according to Business Unity South Africa.

The organisations CEO, Cas Coovadia, commented ahead of Finance Minister Tito Mboweni’s Medium-Term Budget Policy Statement.

READ: Opposition to Mboweni: No to bailouts and more taxes

"We have to ensure that government expenditure is targetted and prioritised. We don't have the money to put into vanity projects. We don't have the money to throw into SOEs that have no potential for neither an economic or social return," he said.

Mboweni will deliver his budget on Wednesday, against a difficult economic backdrop, worsened by the COVID-19 pandemic.

Watch the full interview with Cas Coovadia in the video above.