Finance Minister Tito Mboweni will present his special adjustment Budget on June 24, realigning the 2020/21 Budget presented in February to the fiscal and economic realities now confronting South Africa in the wake of the Covid-19 pandemic. Mboweni is refusing to call it an emergency Budget, possibly because it’s even more serious than that. He will have to find a way of navigating not only the additional health spending and the collapse in tax collections, but also the country’s downgrade to junk and rising distress across society, including government departments and State-owned enterprises.