Budget Speech by the Minister of Finance of the Republic of South Africa, Mr. Pravin Gordhan. Cape Town, 22 February Honourable speaker. Feb 27, Read the full National Budget Speech document delivered by Finance Finance Minister Pravin Gordhan alongside ministry of finance officials As we pointed out in the Budget, global economic uncertainty will. Feb 22, Minister of Finance Pravin Gordhan will be in the spotlight as he delivers the government’s Budget Speech.
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To accommodate provision of antiretroviral treatment at the CD4 threshold ofan additional R million is made available over the medium term.
Against the background of the slowdown in the global economy, real GDP growth is likely to fall to about 2. Government has expanded social assistance to households over the past decade, but employment and gordjan growth have to be the main future drivers of income growth and poverty reduction.
SECTION27’s statement on the Budget Speech – Section 27
Our New Growth Path recognises that special employment initiatives have to be a gorhdan in our present circumstances, while in the longer term growth in agriculture and manufacturing, and investment in a knowledge-based economy must be prioritised. This study predicts that emerging economies will grow on average by 4.
To encourage voluntary savings, consideration is being given to the introduction of tax-exempt short and medium-term savings products. There is now agreement between stakeholders on enhanced targets for empowerment financing and access to financial services.
Progress in these areas will strengthen the public health system, paving the way for the introduction of national health insurance. We ny demonstrated excellent resilience during the post crisis. National Treasury will appoint a Chief Procurement Officer who will have overall responsibility for monitoring procurement across government.
Several measures are in place to improve infrastructure project implementation and build management capacity. Salma Budgst argued that students should be offered practical internships as part of their curriculum, to narrow the gap between education and the work place.
Special emphasis is given to improving competitiveness in industry, investment in technology, encouragement of enterprise development and support for agriculture. Training and mentorship programmes have a critical role to play in addressing capacity constraints of departments and municipalities. South Africans must focus on our strengths and opportunities, to speeh and activate the levers of economic and social change at our disposal.
Financial management and combating fraud and corruption Following on the announcements made previously to introduce measures to improve financial management and help combat corruption, I can report that there has been progress on several fronts. By phasing in our fiscal consolidation over the medium term, we avoid the social and economic dislocation associated with more rapid adjustments, while still stabilising the fiscal position budger burdening the economy and future generations with excessive debt.
It incorporates the common administrative elements of current tax law into one piece of legislation, and makes further improvements in this area.
The interventions in all three provinces are underway. We have to build a more adaptable economy. Nedlac consultation Mister Speaker, in preparing for the budget, various consultations occur including a wide range of tips from the public. There was a welcome recovery in job creation duringbut employment has not yet returned to its peak and buudget unemployment rate remains high at Training and mentorship programmes budfet a critical role to play in addressing capacity constraints of departments and municipalities.
Pravin Gordhan`s budget speech – DOCUMENTS | Politicsweb
Africa is the second fastest growing region in the world. Financial goordhan Martin Wolf recently wrote: The Tax Administration Bill has been approved by Parliament. Lowering costs for both households and business Increasing public infrastructure spending Growing our manufacturing and agricultural sectors Raising mining output Improving the functioning of the labour market, particularly to help young people access work; and Raising competitiveness and exports.
Government bduget responsible for developing effective municipalities and broadening access to services, but business, civil society and organised labour have to be partners in building cohesive communities and promoting social solidarity.
They know they have much to do! There can be no compromise on the basic principles of sound financial management in ensuring that resources are mobilised efficiently to serve our people.
Mister President through your leadership we are able to say to South Africa and the world that we have a vision for our country and our gordhna — where we want to get to in the next 20 years. The draft National Development Plan identifies several key objectives:. Some 85 million manufacturing jobs in China will shift to other countries over the years ahead.
In our view these concerns can be addressed in the design and implementation of the incentive. No good project will be short of funding.
Provincial interventions During the past year, Mister Speaker, it has been necessary to take steps to address financial management weaknesses that have undermined service delivery and put financial sustainability at risk in several provinces. Our financial institutions should also recognize the important role of women przvin our economy. Government procurement rules include incentives for both black economic empowerment and designated local supply sectors.