US-Israel war on Iran worries Parliament's finance chairpersons

Parliament’s finance chairpersons are concerned by the impact the Middle East unrest is going to have on the national budget.

Last week, Finance Minister Enoch Godongwana tabled a budget - which has been labelled a “turning point” for the country’s finances - just days before the United States (US) and Israel invaded Iran.

The chairperson of Parliament’s Standing Committee on Finance Joe Maswanganyi said there’s little doubt that the latest turmoil will impact the entire continent.

With Parliament’s finance committees set to start interrogating the budget and invite public participation, Maswanganyi said the latest geopolitical tensions will impact the cost of oil.

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In South Africa, this will have a knock-on effect on transport costs, industry and household expenses.

“We can’t be here and say we are not worried about what’s happening there. We are very worried because it has direct impact on our economy and the countries that we trade with.”

The chairperson of Parliament’s Appropriations Committee, Mmusi Maimane, agreed that the consequences will be profound.

“In a world with suppressed GDP growth, the importance of sovereignty of nations must always be upheld.”

Maswanganyi and Maimane said the violation of international law and the attacks of one nation on another, must be condemned.