Thank you House Chairperson, the EFF rejects the Medium- Term Budget Policy Statement, MTBPS, presented by the Minister of Finance. The main reason we reject the MTBPS is that, what was presented is nothing new. The policy statement represents new liberal, established defunct and reactionary economic approach that will take South Africa into deeper economic crisis.
The global economic growth is projected to average 3%, all advanced economies are growing at 1,7%, and emerging markets and developing economies are growing at 3,9%. But because of deliberate misguided policies of fiscal consolidation and high interest rate in an attempt to push ill-informed and failed neoliberal agenda of structural reform, we have an economy that is projected to grow at 0,7%, which in real terms is not growing.