The Minerals Council South Africa on Wednesday welcomed the Medium Term Budget Policy Statement (MTBPS) presented by Finance Minister Tito Mboweni in Parliament earlier in the day and called for structural reforms.

The MTBPS acknowledges the gloomy outlook of the country’s economy and promises to make doing business easier by cutting costs induced by red tapes and creating more stable and predictable policies.

“The Minerals Council supports Mboweni’s view that the ease of doing business must be drastically improved,” said Charmane Russell, spokesperson of the South African mining-industry employers’ organization.

“This will also contribute to the competitiveness which brings higher investment, higher inclusive growth, lower unemployment and less poverty. This will be to the benefit of the vast majority of South Africans,” she said.

“The MTBPS is a step in the right direction, but the further structural and institutional reforms are now vital and urgent,” she added.

Mboweni presented the budget policy statement when the country is facing sluggish growth, increasing government debt as well as declining business and consumer confidence.