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Budget News

Ekurhuleni budget maintains ‘pro-poor' stance

By: Samantha Herbst     28th April 2016 In an attempt to maintain a pro-poor stance on public spending aimed at improving social development, the City of Ekurhuleni will inject R3.5-billion of its 2016 budget for into its community empowerment package, Mintirho Ya Vula Vula. Tabling the budget vote for the city on Thursday, mayoral... 

Municipal project bankability critical to attracting finance

By: Dylan Slater     22nd April 2016 Financial lending to the public sector, namely municipalities, for investment in infrastructure projects requires lenders to investigate and determine the future bankability of such projects and calculate risk in terms of municipalities being able to repay the loans.  

Brazilian side of joint A-Darter missile programme hit by serious budget cuts

By: Keith Campbell     15th April 2016 The Brazilian side of the joint South African/Brazilian A-Darter missile development programme has been significantly affected by severe emergency budget cuts that have taken place in the South American country. The A-Darter is a fifth-generation infrared (IR) homing air-to-air missile (AAM).... 

Money for crucial govt programmes lying idle – Treasury

By: News24Wire      13th April 2016 At least six government departments were red-flagged for underspending or slow spending of money allocated for key programmes like substance abuse and policing by December, a Treasury official said at Parliament on Tuesday. "This is an indictment on us," said Deputy Director General of the Public... 

Money for crucial govt programmes lying idle – Treasury

Growth, fiscal stresses at heart of S&P’s downgrade review, but political tensions a worry

By: Terence Creamer     6th April 2016 South Africa’s weak growth outlook as well as the country’s fiscal risks – including the possibility that government might need to step in to support State-owned Companies (SoCs) with weak balance sheets – would be the key “pressure points” in Standard & Poor's (S&P’s) assessment of whether or... 

Growth, fiscal stresses at heart of S&P’s downgrade review, but political tensions a worry

WC to create 300 000 new jobs in the next five years

By: Samantha Herbst     30th March 2016 Leveraging the Western Cape’s reputation as the “digital gateway to Africa” and a growing platform for new entrepreneurs, provincial Economic Opportunities Minister Alan Winde on Wednesday recommitted his department to further promoting job creation in an effort to add over 300 000 jobs to the... 

WC to create 300 000 new jobs in the next five years
Alan Winde

Seifsa bemoans lack of ‘concrete plans’ to tackle slow pace of economic growth  

By: David Oliveira     18th March 2016 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has welcomed government’s announced efforts to reduce its expenditure; however, the organisation remained concerned about the lack of concrete plans to address the country’s slow economic growth. Speaking a day after... 

Seifsa bemoans lack of ‘concrete plans’ to tackle slow pace of  economic growth
Seifsa chief economist Henk Langenhoven discusses the impacts of the 2016 Budget Speech on the steel and engineering sectors. Camerawork: Nicholas Boyd. Editing: Lionel da Silva.

Members of Gupta family offered me Finance Minister position, Jonas confirms 

By: Creamer Media Reporter      16th March 2016 Deputy Finance Minister Mcebesi Jonas has confirmed that he was approached by nongovernmental individuals in respect of the position of Minister of Finance. "Members of the Gupta family offered me the position of Minister of Finance to replace then-Minister Nene. I rejected this out of hand,"... 

Members of Gupta family offered me Finance Minister position, Jonas confirms
Photo by Duane Daws
Deputy Finance Minister Mcebesi Jonas

Govt not working together to avoid junk status – DA  

By: News24Wire      15th March 2016 Despite Finance Minister Pravin Gordhan attempts to reassure South Africans that the government is doing all it can to avoid a credit downgrade to junk status, the real problem is that government itself is not working together towards this objective, according to Democratic Alliance (DA) shadow... 

Govt not working together to avoid junk status – DA
Photo by Duane Daws
Pravin Gordhan

ANC in KZN welcomes R109bn provincial budget

By: News24Wire      11th March 2016 The African National Congress (ANC) in KwaZulu-Natal has welcomed Finance MEC Belinda Scott’s R109-billion provincial budget tabled in the KwaZulu-Natal legislature in Pietermaritzburg on Thursday. "The ANC notes the R200-million drought relief provided for in the budget," said ANC provincial... 

ANC in KZN welcomes R109bn provincial budget
Photo by GCIS
Belinda Scott

Possible 'break in the clouds' for S African economy 

By: Natasha Odendaal     10th March 2016 With Moody’s Investors Service considering a possible downgrade for South Africa, consulting economist Cees Bruggemans on Thursday said the demotion to junk status probably could not be averted as it was “already in the system”; however, there seemed to be a break in the clouds that could... 

Possible 'break in the clouds' for S African economy
Photo by Duane Daws
Consulting economist Cees Bruggemans

Treasury to showcase action taken as Moody’s reviews possible downgrade

By: Natasha Odendaal     9th March 2016 With Moody’s Investors Service heading to South Africa’s shores for its yearly review, the National Treasury on Wednesday said it would highlight the key actions taken to avert a possible downgrade. The ratings agency this week placed South Africa’s respective long- and short-term ratings of Baa2... 

Treasury to showcase action taken as Moody’s reviews possible downgrade

Budget debate will go ahead without Gordhan

By: News24Wire      9th March 2016 A debate about Finance Minister Pravin Gordhan’s budget speech will take place in the National Assembly this afternoon, but in the finance minister’s absence. Gordhan and the CEOs of top companies arrived in the United Kingdom (UK) on Tuesday and will travel to the US later this week with the aim... 

Budget debate will go ahead without Gordhan
Pravin Gordhan

Gauteng’s R103bn budget seeks to promote inclusive economic growth

By: Anine Kilian     8th March 2016 Finance MEC Barbara Creecy on Tuesday tabled a R103.4-billion provincial budget for Gauteng, outlining key interventions to achieve inclusive economic growth and expand service provision. Of the overall budget, R41.6-billion was allocated to infrastructure, which included the construction of... 

 Gauteng’s R103bn budget seeks to promote inclusive economic growth
FINANCE MEC BARBARA CREECY

Sacci BCI flat in February

By: Megan van Wyngaardt     7th March 2016 The downward trend in the South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) for February, has been arrested, as it remained around the 80 index mark, CEO Alan Mukoki said on Monday. After measuring 79.6 in December, the BCI marginally improved to 80 in... 

Sacci BCI flat in February

Tyre industry body to engage Treasury post ‘positive’ Budget 

By: Natasha Odendaal     7th March 2016 The South African Tyre Manufacturers Conference (SATMC) said it would now seek out constructive engagement with the National Treasury and Finance Minister Pravin Gordhan on a number of remaining fundamental governance issues, following the “clarity and certainty” on tyre levies provided during... 

Tyre industry body to engage Treasury post ‘positive’ Budget

Sacci weighs in on student uprisings

By: Megan van Wyngaardt     29th February 2016  The increasingly violent student uprisings seen spreading across the country’s universities in recent weeks are “placing doubt” in the minds of potential investors in the country, South African Chamber of Commerce and Industry (Sacci) president Vusi Khumalo told Engineering News Online on... 

Sacci weighs in on student uprisings

Finance Minister’s job not at risk – Zuma

By: African News Agency      29th February 2016 President Jacob Zuma on Monday dismissed reports that Finance Minister Pravin Gordhan’s job was in jeopardy while at the same time insisting he did not have the power to fire South African Revenue Service (Sars) boss Tom Moyane without following the correct legal channels. “The difficulty in the... 

Finance Minister’s job not at risk – Zuma
Photo by Reuters
Pravin Gordhan
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