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Mboweni’s 2021 Budget has to reveal a credible path to stabilising public finances, while also enabling activities that promote progression to a decent life. Elements of these can be sequenced, but there have to be material signs of both in the near term. Otherwise, the goals of fiscal sustainability will be scuppered early on by political demands, pushing South Africa into a vicious circle and locking it into stasis or worse. So much of the discourse on public finance revolves around either cutting spending and/or raising taxes. These are naturally two elements in the equation, but they are static. A more dynamic approach asks about the “X-Factor”. It is well known that there is significant space in the public sector to improve both the composition and the quality of spending. It is also well known that there is substantial opportunity for strengthening revenue collection. Given the size of the public sector, even small improvements can have important growth-inducing, confide

South africaMiriam altmanTito mboweniMandela school of public governanceNational treasuryNational planning commissionState owned enterprisesEconomic reviewAltman advisoryAdjunct professorPublic governanceமிரியம் அல்ட்மன்மண்டேலா பள்ளி ஆஃப் பொது ஆளுகைதேசிய கருவூலம்தேசிய திட்டமிடல் தரகுநிலை ஓஂட் நிறுவனங்கள்