During his speech in Parliament yesterday, Cyril Ramaphosa made it clear that, in an effort to create a smaller, more effective cabinet, imminent changes will not be carried out Zuma-style.

Rather, the process will take a few months after proper review and consultation.

Because of that level-headed approach, today we welcome the Jacob Zuma-appointed finance minister, Malusi Gigaba, to the podium.

And so, although it will be the first time Gigaba is delivering the official budget speech (he did give us some thoughts to chew on during last year’s Mini Budget speech in October), it could be his last.

When asked about his future yesterday, EWN reports that Gigaba wouldn’t answer, leaving it up to his deputy to speak for him:

“I think the question that is being asked to the minister is he going to present the Budget, that is why we are all here.

“There’s a Budget that’s going to be presented and it’s going to be presented by nobody else but Malusi Gigaba. That’s the information that we are all having.”

So what should you watch out for today? A little bit of everything, but especially South Africa’s plan to plug the R50 billion-plus gap in the budget.

Fin24 has laid out some very bleak realities to look out for, too:

• Shortfalls or deficits (no chance of surpluses this time!), borrowing and new income sources (higher taxes);
• Growth and economic forecasts, as well as stimulation measures; and
• Measures regarding state-owned enterprises (SOEs) and other drains on the state purse or fiscus (cutting expenditure).

While a VAT increase has been speculated, let’s hope Gigaba and co. have found a more creative way to get that money (that doesn’t involve sin tax, either).

See the live feed below to watch Gigaba do his thing. This one is due to kick off at 2PM:

[source:enca&ewn&news24]