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'I’m deeply worried we pretend we don’t know what’s wrong with the economy'

1 October 2019 9:42 AM
Tags:
Eskom
Cosatu
Economy
Cyril Ramaphosa
Tito Mboweni
Electricity
The Money Show
Bruce Whitfield
Debt
Economic
Iraj Abedian
Treasury
growth
Pan-African Investments and Research Services
tax revenue
Dr Iraj Abedian
growth plan
"We pretend as if we don’t know what needs to be done," says Dr Iraj Abedian, CEO at Pan-African Investments and Research Services.

There’s more than enough evidence and research… You don’t need another week, month or year of legotlas… We just don’t have time!

Dr Iraj Abedian, CEO - Pan-African Investments and Research Services

The economy is toast. Tax revenue is down, despite higher tax rates. The ANC’s choices are becoming starker, Finance Minister Tito Mboweni warned the ruling party’s National Executive Committee (NEC) on Monday.

Slow progress to date on structural reforms means growth will remain low…

Tito Mboweni, Minister of Finance

Mboweni described how South Africa’s state-owned enterprises are bleeding its citizens dry.

The most glaring example is Eskom; its debt is the size of the entire mining and agricultural sectors combined.

If no corrections occur, in a slow-growth environment, we face even greater adjustments in three years’ time.

Tito Mboweni, Minister of Finance

He reiterated aspects of his economic recovery plan vehemently attacked by Cosatu.

…stop subsidising inefficient SOCs [state-owned companies] to deliver services more effectively done by someone else and sell SOCs that have no clear public service mandate…

Tito Mboweni, Minister of Finance
President Cyril Ramaphosa and Finance Minister Tito Mboweni. Picture: Cindy Archillies/EWN

Treasury wants to allow households and companies to generate electricity with rooftop solar PV and sell excess electricity to the grid.

It also proposes the sale of Eskom’s coal-fired power stations with a predetermined agreement to buy back electricity.

The Money Show’s Bruce Whitfield interviewed Dr Iraj Abedian, CEO at Pan-African Investments and Research Services.

Listen to the interview in the audio below (and scroll down for more quotes from it).

It would be better if he [President Ramaphosa] stops talking about it [the economy] and does something about it. We all know what needs to be done. What we don’t need is more talk…

Dr Iraj Abedian, CEO - Pan-African Investments and Research Services

I’m deeply worried that we pretend that we don’t know what’s wrong and that we pretend as if we don’t know what needs to be done…

Dr Iraj Abedian, CEO - Pan-African Investments and Research Services

All those who disagree [with Treasury’s growth plan] have no alternative solutions. They’re only criticising…

Dr Iraj Abedian, CEO - Pan-African Investments and Research Services

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This article first appeared on 702 : 'I’m deeply worried we pretend we don’t know what’s wrong with the economy'


1 October 2019 9:42 AM
Tags:
Eskom
Cosatu
Economy
Cyril Ramaphosa
Tito Mboweni
Electricity
The Money Show
Bruce Whitfield
Debt
Economic
Iraj Abedian
Treasury
growth
Pan-African Investments and Research Services
tax revenue
Dr Iraj Abedian
growth plan

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