WATCH: Gigaba delivers maiden budget speech

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All eyes will be on National Assembly on Wednesday when finance minister Malusi Gigaba delivers his medium-term budget speech. The statement marks Gigabas first official budget speech as finance minister.

 

 

 

  • Editor&39;s note: This live event has ended. You may watch a recording above.

JOHANNESBURG - Economic Freedom Fighters (EFF) MPs have walked out of Parliament after clashing with National Assembly Speaker Baleka Mbete.

EFF chief whip Floyd Shivambu tried to prevent Finance Minister Malusi Gigaba to make his maiden budget speech.

 

 

 

Gigaba steps onto the National Assembly podium on Wednesday to deliver his medium-term budget policy statement.

 

 

 

 

Gigaba faces great challenges to appease investors, stimulate growth and to keep ratings agencies at bay.

“We need to take urgent steps and what we are trying to demonstrate here is precisely that sense of urgency with clear timelines that will stave off any further downgrades, understanding the further impact it will have on the economy,” he has said.

One economist says a key challenge will be raising enough revenue for the 2018 budget.

“The revenue that is coming from personal income tax, VAT and corporate tax will be weak, and ... so there will be a shortfall of close to R40-million, which means he will raise taxes," said Lesiba Mothata, executive investment economist at  Alexander Forbes Investments.

READ: What&39;s at stake in Gigaba&39;s first budget

Earlier this year, Gigaba introduced a 14-point plan aimed at speeding up solutions to the country&39;s economic challenges.

The plan focuses on fiscal policy, the financial sector and tax policy, recapitalising state-owned enterprises, the Mining Charter and the Regulation of Land Holdings Bill, among others.

Meanwhile, Equal Education wants Gigaba to address the instability of state-owed entities, sluggish economic growth and unemployment.

The advocacy group says Gigaba must come clean as many questions linking him to state capture remain unanswered.

It says the continued siphoning of public funds makes it hard to avoid an economic meltdown.

Equal Education says Gigaba’s links to the controversial Gupta family pose a threat the country&39;s resources and put public funds at risk.