During his budget speech, Mboweni said the country is facing a sovereign debt crisis if spending isn't changed soon, and that debt to GDP will reach 106% by 2023 if nothing changes.

Here are the nine key announcements from Mboweni's budget:

South Africa's economy will contract by 7.2% in 2020 - the largest contraction in 90 years

Mboweni said South Africa's economy will contract by 7.2% in 2020, the largest contraction in nearly 90 years.

If nothing is done, South Africa's debt will reach 106% of GDP in 2023/24

Mboweni said the state will aim to narrow the deficit and stabilise debt at 87.4% of GDP in 2023/24.

ALSO READ | Supplementary budget: It’s all about stabilising SA’s debt, says Mboweni

However, the budget speech review reveals that Treasury expects South Africa's debt to reach over 106% in 2023/24 - if nothing is done to address spending.

Bailout of R3 billion for Land Bank, and delay on economic reforms

Mboweni said the state will also allocate R3 billion to recapitalise the Land Bank, which holds 29 % of South Africa's agricultural debt.