The Congress of South African Trade Union (COSATU) is looking forward to its 2023/24 budget, which is due to submit the Congress to Parliament on 22 February 2023. This budget must escape the ineffective and unsuccessful cuts that have stifled and squeezed an already ailing economy.
COSATU said that it is very troubling that the Treasury has
viewed the budget as the primary vehicle for implementing restrictive fiscal
policies since 2014. Both the revenue and expenditure portions of the budget
are constrained by the GEAR parameter.
According to COSATU, the budget should be an effective tool
for economic recovery, transformation and improvement of service delivery.
“It needs to be viewed as a developmental tool that
prioritizes pro-poor social expenditure and adopts increased progressivity of
taxation.”
The Federation also
wants the government to pursue a social investment strategy that in the long
term would reduce government debt as a proportion of DGP at a much faster rate.
Done by: Esona Mfazwe
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