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Among Treasury’s fiscal responses to Covid-19 include:
1. Putting forward clear estimates of the additional health care costs that will be needed
2. Reprioritising unnecessary expenditure towards these health care costs
3. The impact of slowdown on our projections for revenue
4. It should be costed as much as possible (how much is needed?);
5. It should be temporary (clear timeline of 1 year);
6. It must be crafted as a 3rd line of defence for the vulnerable
7. A clear timetable or plan to stabilize debt over the current forecast period
8. Supported by an economic recovery plan (structural reforms) and a set of reforms within the fiscal system e.g. passing the RABS (road accident benefit scheme), consolidation of public entities and closure of SAA and SAX
Mboweni says some of these proposals have been mentioned in the past, and others are new.
