This document is the 2020 Budget Speech given by South African Minister of Finance Tito Mboweni on February 26, 2020. In the speech, Mboweni outlines South Africa's economic context and forecasts modest GDP growth of 0.9% in 2020. He presents the national budget, including consolidated spending of R1.95 trillion, a budget deficit of R370.5 billion (6.8% of GDP), and gross national debt projected to reach 65.6% of GDP. Mboweni announces some personal income tax relief and adjustments to taxes and levies to support growth while aiming for fiscal sustainability.
Madam Speaker
In A Tale of Two Cities, Charles Dickens opens with:
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity… we were all going direct to Heaven, we were all going direct the other way...”
So too is the present time. As a country, we stand at a crossroads. We can choose a path of hope; or a path of despair. We can go directly to Heaven, or as Dickens so politely puts it, we can go the other way.
The Prime Minister Imran Khan's government has bought more time to negotiate with the IMF by securing $6 billion in deposits from Saudi Arabia and UAE. This will help boost foreign reserves in the short term. However, critics say that FDI alone will not solve Pakistan's economic issues and that the government must address underlying structural problems. Negotiations with the IMF continue as Pakistan aims to finalize a bailout agreement while managing a high debt burden and avoiding further economic pressures.
This document provides a summary of the 2014 South African national budget speech given by Minister of Finance Pravin Gordhan on 26 February 2014. The summary outlines that the budget aims to advance the country's National Development Plan by laying the foundation for structural reforms and funding an intensified implementation of the plan over the next term. It also details that the budget provides tax relief to households and businesses, increases funding for employment programs, infrastructure development, education, health, and other social and economic priorities.
The document is the 2016 Budget Speech presented by Pravin Gordhan, Minister of Finance. It outlines the key priorities and proposals of the 2016 budget, which are guided by South Africa's National Development Plan. The budget aims to accelerate fiscal consolidation through expenditure cuts and tax increases, while also increasing funding for education, social grants, and responding to the drought. It emphasizes inclusive growth through support for small business, youth jobs, and partnerships between government, business, and civil society.
This document is the transcript of the 2021 Budget Speech delivered by South African Minister of Finance Tito Mboweni to Parliament on February 24, 2021. In the speech, Mboweni outlines South Africa's fiscal framework for 2021-2023, including projections for revenue, spending, debt levels, and the economic outlook. He highlights progress being made on structural economic reforms and the government's plans to support job creation, economic transformation, and social development programs over the medium term.
The Minister of Finance produced a aloe plant at the start of his speech and warned South Africans that its medicinal powers come with a bitter and a sweet taste.
The Big Quiz is an annual quiz competition organized by The Straits Times and the Ministry of Education for pre-university and year 5 integrated programme students from 24 participating schools. It consists of 4 quiz rounds where teams compete for a championship trophy and $5,000 cash prize. The event is co-organized by The Straits Times and MOE and has Shell as its presenting sponsor and innovation partner. In the lead up to the competition, there are primers, talks by ST editors, and a segment for students to provide input on question topics.
This document is the 2020 Budget Speech given by South African Minister of Finance Tito Mboweni on February 26, 2020. In the speech, Mboweni outlines South Africa's economic context and forecasts modest GDP growth of 0.9% in 2020. He presents the national budget, including consolidated spending of R1.95 trillion, a budget deficit of R370.5 billion (6.8% of GDP), and gross national debt projected to reach 65.6% of GDP. Mboweni announces some personal income tax relief and adjustments to taxes and levies to support growth while aiming for fiscal sustainability.
Madam Speaker
In A Tale of Two Cities, Charles Dickens opens with:
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity… we were all going direct to Heaven, we were all going direct the other way...”
So too is the present time. As a country, we stand at a crossroads. We can choose a path of hope; or a path of despair. We can go directly to Heaven, or as Dickens so politely puts it, we can go the other way.
The Prime Minister Imran Khan's government has bought more time to negotiate with the IMF by securing $6 billion in deposits from Saudi Arabia and UAE. This will help boost foreign reserves in the short term. However, critics say that FDI alone will not solve Pakistan's economic issues and that the government must address underlying structural problems. Negotiations with the IMF continue as Pakistan aims to finalize a bailout agreement while managing a high debt burden and avoiding further economic pressures.
This document provides a summary of the 2014 South African national budget speech given by Minister of Finance Pravin Gordhan on 26 February 2014. The summary outlines that the budget aims to advance the country's National Development Plan by laying the foundation for structural reforms and funding an intensified implementation of the plan over the next term. It also details that the budget provides tax relief to households and businesses, increases funding for employment programs, infrastructure development, education, health, and other social and economic priorities.
The document is the 2016 Budget Speech presented by Pravin Gordhan, Minister of Finance. It outlines the key priorities and proposals of the 2016 budget, which are guided by South Africa's National Development Plan. The budget aims to accelerate fiscal consolidation through expenditure cuts and tax increases, while also increasing funding for education, social grants, and responding to the drought. It emphasizes inclusive growth through support for small business, youth jobs, and partnerships between government, business, and civil society.
This document is the transcript of the 2021 Budget Speech delivered by South African Minister of Finance Tito Mboweni to Parliament on February 24, 2021. In the speech, Mboweni outlines South Africa's fiscal framework for 2021-2023, including projections for revenue, spending, debt levels, and the economic outlook. He highlights progress being made on structural economic reforms and the government's plans to support job creation, economic transformation, and social development programs over the medium term.
The Minister of Finance produced a aloe plant at the start of his speech and warned South Africans that its medicinal powers come with a bitter and a sweet taste.
The Big Quiz is an annual quiz competition organized by The Straits Times and the Ministry of Education for pre-university and year 5 integrated programme students from 24 participating schools. It consists of 4 quiz rounds where teams compete for a championship trophy and $5,000 cash prize. The event is co-organized by The Straits Times and MOE and has Shell as its presenting sponsor and innovation partner. In the lead up to the competition, there are primers, talks by ST editors, and a segment for students to provide input on question topics.
Budget 2013--Response by Rt Hon Said Musapupbelize
A debate on the budget is an opportune time to review the state of the Belizean economy and the state we are in as a country 31 years after we achieved political independence as a nation.
The Barrow Administration came into office in 2008 with great promise. They promised a 6% annual growth after inheriting an economy that had more than doubled to $2.5 billion dollars in goods and services under the PUP government (1998-2008). During the PUP years, the annual average growth rate was 5%. Even if we take account of the 5% GDP growth in 2012 claimed by the Prime Minister, the average growth rate for their five years is 2.6%.
The Senate Minority Alternative Biennium Budget for Fiscal Years 2016-2017 aims to balance the budget, reduce spending by $1.59 billion, provide $287 million in tax relief in 2017 and $425 million in 2018, and make government less expensive and more effective. It cuts from the Governor's Budget by adopting many of the House Budget cuts, not funding collective bargaining increases, implementing budget restrictions, and making additional cuts to general spending and programs. The Senate Minority Budget is the only one of the proposed budgets that balances in both the short and long-term without relying on future tax increases.
The document discusses Pakistan's fiscal policy. It notes that fiscal policy involves the government using tax revenue and public expenditures to achieve economic objectives like growth and stability. However, Pakistan has faced fiscal deficits in recent years due to high non-development spending on areas like defense and debt interest. This is compounded by a lower tax collection as a result of tax evasion and lower industrial productivity. To improve its fiscal position, Pakistan needs measures like increasing tax rates, broadening the tax base, and reducing non-essential expenditures.
The document summarizes Pakistan's fiscal policy and economic performance in recent years. It notes that Pakistan experienced serious macroeconomic imbalances in FY2007-08. To address this, the government passed a Fiscal Responsibility and Debt Limitation Act in 2005 requiring adherence to fiscal targets. The document reviews Pakistan's fiscal performance in FY2007-08 and projections for FY2008-09, including projections that the fiscal deficit will decline to 4.2% of GDP in 2008-09 from 7.4% in 2007-08. It also discusses trends in revenues, expenditures, debt levels, and the government's efforts to reform taxation policies to generate more sustainable revenues.
Fiscal History of Pakistan (Fiscal Deficit of Pakistan)Tajamul Siddique
fiscal deficit
definition
a fiscal deficit occurs when a govt's total expenditure exceed the revenue that it generates, excluding money from borrowing.
Fiscal policy involves a government's revenue collection and spending behaviors and techniques to influence economic growth and development. Key techniques of fiscal policy include taxation, government expenditure, deficit financing, and public debt. Fiscal policy stances can be neutral, expansionary, or contractionary depending on whether government spending exceeds, equals, or is less than tax revenue. While expansionary fiscal policy can fight economic recession by increasing aggregate demand, contractionary policy can curb inflation. However, the effectiveness of fiscal policy in reality faces limitations such as rising inflation, failure to reduce black money, and increasing unemployment despite government spending.
The document summarizes resource mobilization for Karnataka state's 11th five-year plan. It discusses key concepts in government finances like revenue and fiscal deficits. It outlines how available resources are estimated, including various sources of funds. Karnataka has passed fiscal responsibility legislation limiting revenue and fiscal deficits. The state has eliminated revenue deficits and contained fiscal deficit within 3% of GSDP, putting it in a better position to finance its annual plans while still facing challenges around conserving revenues and improving allocation of resources.
Macroeconomic; Government Expenditure (Comic)Adynn Khairil
The Federal government of Malaysia is projected to record a lower fiscal deficit of 4% of GDP in 2013. Total government revenue is expected to reach RM208.7 billion, with tax revenue at RM159.2 billion. Non-tax revenue is projected to be RM49.5 billion, a 9.6% reduction due to lower returns from investments, petroleum royalties, and the Malaysia-Thailand Joint Authority. Government expenditure consists of operating expenditure, which covers administrative costs, and development expenditure for infrastructure investment to boost economic growth.
Fiscal policy! Pakistan Budget 2013 to 2014Rahma Haseeb
The document discusses fiscal policy and Pakistan's government budget, including details on revenue collection from taxes, government expenditures, the types of fiscal policy, and an overview of the 2013-2014 budget which aimed to reduce the fiscal deficit while increasing tax revenue and containing inflation. It also provides information on the National Finance Commission Awards which determine the distribution of financial resources between the federal and provincial governments.
The document summarizes India's fiscal policy. It discusses the objectives of fiscal policy including resource mobilization, efficient allocation of resources, reducing inequality, and price stability. It outlines the different stances a government can take - neutral, expansionary, or contractionary. It also discusses the instruments of fiscal policy including the budget, expenditures, taxation, and public debt. It provides an overview of the union and state budgets in India.
PM delivered a speech at the 85th annual general meeting of FICCI outlining key themes. He acknowledged that while India experienced strong growth reaching nearly 9% annually from 2003-2008, the global economic downturn and domestic issues slowed growth to around 5.5-6%. However, the government is committed to accelerating inclusive growth through various economic reforms and social programs. Key reforms include direct cash transfers to beneficiaries using Aadhaar identification, increasing investment and savings, reducing subsidies, correcting energy pricing, and liberalizing FDI policies to address fiscal and current account deficits and revive the economy. The PM expressed confidence that these measures will help restore growth momentum and put India back on a path of 8-9% annual
India Budget 2018 ...Changing Landscape - An Analysis by K. C. Mehta & Co.Prashant Kotecha
This document provides an overview and summary of the key aspects of the Indian economy based on the Economic Survey of 2017-18. Some of the main points covered in the 3 sentences are:
1) The Economic Survey analyzed the Indian economy using big data from sources like GST, EPFO, ESIC to provide new perspectives on economic indicators and issues like the gender gap.
2) Key findings included that over 30% of non-agricultural jobs were in the formal sector based on social security enrollment, states' prosperity correlated more strongly with international trade than domestic trade, and the agricultural sector is becoming more feminized.
3) The document also summarizes fiscal trends like tax revenue growth and deficits,
The Finance Minister presented the 2014-15 Budget, laying out the economic challenges facing India including slow growth, high inflation, and fiscal deficit. He announced various reforms such as increasing FDI limits, bank capitalization, infrastructure development, skill development initiatives, and tax reforms to reduce litigation and boost investment. The Budget aimed to revive growth while ensuring fiscal prudence and targeting programs to reduce poverty and boost development across India.
The fiscal system of India is based on the constitution and envisages two levels of government - central and state. The constitution distributes legislative powers and taxes across Union, State and Concurrent lists. The central government's tax revenues come from taxes like income tax, customs duties, and excise duties which are either retained by the center or shared with states. Expenditure consists of revenue expenditure on general, social and economic services and capital expenditure. The fiscal deficit is the excess of total expenditure over total receipts and represents the government's total borrowing requirement.
The document summarizes issues with government revenue and spending in India over the past two decades based on data from the Ministry of Finance and Comptroller and Auditor General.
1) Government claims of increased revenue collections are illusory when adjusted for inflation, as much of the reported growth is due to rising prices rather than real economic growth.
2) Significant tax revenues have gone uncollected due to delays in the legal system, underassessment of taxes owed, and failure to recover unpaid taxes.
3) While government expenditure has increased nominally, the real growth accounting for inflation has been much less. Much spending goes to government salaries and pensions rather than development programs.
Medium Term Budget Policy Statement 2019 SABC News
The Medium Term Budget Policy Statement is an important piece of our budgeting process. The first statement was published on the second of December 1997, during the first democratic administration led by President Nelson Mandela.
This document is the 2014 budget speech given by the Minister of Finance, Pravin Gordhan, on February 26, 2014. In the summary, Gordhan outlines that South Africa's economy has continued growing but more slowly than projected, with expected growth of 2.7% for the year. The budget deficit is projected to narrow to 2.8% of GDP over the medium term. Benefits to households in the budget include R9.3 billion in income tax relief and expanded employment programs and infrastructure development. Support for businesses includes increased support for small businesses and incentives for industry.
Budget 2013--Response by Rt Hon Said Musapupbelize
A debate on the budget is an opportune time to review the state of the Belizean economy and the state we are in as a country 31 years after we achieved political independence as a nation.
The Barrow Administration came into office in 2008 with great promise. They promised a 6% annual growth after inheriting an economy that had more than doubled to $2.5 billion dollars in goods and services under the PUP government (1998-2008). During the PUP years, the annual average growth rate was 5%. Even if we take account of the 5% GDP growth in 2012 claimed by the Prime Minister, the average growth rate for their five years is 2.6%.
The Senate Minority Alternative Biennium Budget for Fiscal Years 2016-2017 aims to balance the budget, reduce spending by $1.59 billion, provide $287 million in tax relief in 2017 and $425 million in 2018, and make government less expensive and more effective. It cuts from the Governor's Budget by adopting many of the House Budget cuts, not funding collective bargaining increases, implementing budget restrictions, and making additional cuts to general spending and programs. The Senate Minority Budget is the only one of the proposed budgets that balances in both the short and long-term without relying on future tax increases.
The document discusses Pakistan's fiscal policy. It notes that fiscal policy involves the government using tax revenue and public expenditures to achieve economic objectives like growth and stability. However, Pakistan has faced fiscal deficits in recent years due to high non-development spending on areas like defense and debt interest. This is compounded by a lower tax collection as a result of tax evasion and lower industrial productivity. To improve its fiscal position, Pakistan needs measures like increasing tax rates, broadening the tax base, and reducing non-essential expenditures.
The document summarizes Pakistan's fiscal policy and economic performance in recent years. It notes that Pakistan experienced serious macroeconomic imbalances in FY2007-08. To address this, the government passed a Fiscal Responsibility and Debt Limitation Act in 2005 requiring adherence to fiscal targets. The document reviews Pakistan's fiscal performance in FY2007-08 and projections for FY2008-09, including projections that the fiscal deficit will decline to 4.2% of GDP in 2008-09 from 7.4% in 2007-08. It also discusses trends in revenues, expenditures, debt levels, and the government's efforts to reform taxation policies to generate more sustainable revenues.
Fiscal History of Pakistan (Fiscal Deficit of Pakistan)Tajamul Siddique
fiscal deficit
definition
a fiscal deficit occurs when a govt's total expenditure exceed the revenue that it generates, excluding money from borrowing.
Fiscal policy involves a government's revenue collection and spending behaviors and techniques to influence economic growth and development. Key techniques of fiscal policy include taxation, government expenditure, deficit financing, and public debt. Fiscal policy stances can be neutral, expansionary, or contractionary depending on whether government spending exceeds, equals, or is less than tax revenue. While expansionary fiscal policy can fight economic recession by increasing aggregate demand, contractionary policy can curb inflation. However, the effectiveness of fiscal policy in reality faces limitations such as rising inflation, failure to reduce black money, and increasing unemployment despite government spending.
The document summarizes resource mobilization for Karnataka state's 11th five-year plan. It discusses key concepts in government finances like revenue and fiscal deficits. It outlines how available resources are estimated, including various sources of funds. Karnataka has passed fiscal responsibility legislation limiting revenue and fiscal deficits. The state has eliminated revenue deficits and contained fiscal deficit within 3% of GSDP, putting it in a better position to finance its annual plans while still facing challenges around conserving revenues and improving allocation of resources.
Macroeconomic; Government Expenditure (Comic)Adynn Khairil
The Federal government of Malaysia is projected to record a lower fiscal deficit of 4% of GDP in 2013. Total government revenue is expected to reach RM208.7 billion, with tax revenue at RM159.2 billion. Non-tax revenue is projected to be RM49.5 billion, a 9.6% reduction due to lower returns from investments, petroleum royalties, and the Malaysia-Thailand Joint Authority. Government expenditure consists of operating expenditure, which covers administrative costs, and development expenditure for infrastructure investment to boost economic growth.
Fiscal policy! Pakistan Budget 2013 to 2014Rahma Haseeb
The document discusses fiscal policy and Pakistan's government budget, including details on revenue collection from taxes, government expenditures, the types of fiscal policy, and an overview of the 2013-2014 budget which aimed to reduce the fiscal deficit while increasing tax revenue and containing inflation. It also provides information on the National Finance Commission Awards which determine the distribution of financial resources between the federal and provincial governments.
The document summarizes India's fiscal policy. It discusses the objectives of fiscal policy including resource mobilization, efficient allocation of resources, reducing inequality, and price stability. It outlines the different stances a government can take - neutral, expansionary, or contractionary. It also discusses the instruments of fiscal policy including the budget, expenditures, taxation, and public debt. It provides an overview of the union and state budgets in India.
PM delivered a speech at the 85th annual general meeting of FICCI outlining key themes. He acknowledged that while India experienced strong growth reaching nearly 9% annually from 2003-2008, the global economic downturn and domestic issues slowed growth to around 5.5-6%. However, the government is committed to accelerating inclusive growth through various economic reforms and social programs. Key reforms include direct cash transfers to beneficiaries using Aadhaar identification, increasing investment and savings, reducing subsidies, correcting energy pricing, and liberalizing FDI policies to address fiscal and current account deficits and revive the economy. The PM expressed confidence that these measures will help restore growth momentum and put India back on a path of 8-9% annual
India Budget 2018 ...Changing Landscape - An Analysis by K. C. Mehta & Co.Prashant Kotecha
This document provides an overview and summary of the key aspects of the Indian economy based on the Economic Survey of 2017-18. Some of the main points covered in the 3 sentences are:
1) The Economic Survey analyzed the Indian economy using big data from sources like GST, EPFO, ESIC to provide new perspectives on economic indicators and issues like the gender gap.
2) Key findings included that over 30% of non-agricultural jobs were in the formal sector based on social security enrollment, states' prosperity correlated more strongly with international trade than domestic trade, and the agricultural sector is becoming more feminized.
3) The document also summarizes fiscal trends like tax revenue growth and deficits,
The Finance Minister presented the 2014-15 Budget, laying out the economic challenges facing India including slow growth, high inflation, and fiscal deficit. He announced various reforms such as increasing FDI limits, bank capitalization, infrastructure development, skill development initiatives, and tax reforms to reduce litigation and boost investment. The Budget aimed to revive growth while ensuring fiscal prudence and targeting programs to reduce poverty and boost development across India.
The fiscal system of India is based on the constitution and envisages two levels of government - central and state. The constitution distributes legislative powers and taxes across Union, State and Concurrent lists. The central government's tax revenues come from taxes like income tax, customs duties, and excise duties which are either retained by the center or shared with states. Expenditure consists of revenue expenditure on general, social and economic services and capital expenditure. The fiscal deficit is the excess of total expenditure over total receipts and represents the government's total borrowing requirement.
The document summarizes issues with government revenue and spending in India over the past two decades based on data from the Ministry of Finance and Comptroller and Auditor General.
1) Government claims of increased revenue collections are illusory when adjusted for inflation, as much of the reported growth is due to rising prices rather than real economic growth.
2) Significant tax revenues have gone uncollected due to delays in the legal system, underassessment of taxes owed, and failure to recover unpaid taxes.
3) While government expenditure has increased nominally, the real growth accounting for inflation has been much less. Much spending goes to government salaries and pensions rather than development programs.
Medium Term Budget Policy Statement 2019 SABC News
The Medium Term Budget Policy Statement is an important piece of our budgeting process. The first statement was published on the second of December 1997, during the first democratic administration led by President Nelson Mandela.
This document is the 2014 budget speech given by the Minister of Finance, Pravin Gordhan, on February 26, 2014. In the summary, Gordhan outlines that South Africa's economy has continued growing but more slowly than projected, with expected growth of 2.7% for the year. The budget deficit is projected to narrow to 2.8% of GDP over the medium term. Benefits to households in the budget include R9.3 billion in income tax relief and expanded employment programs and infrastructure development. Support for businesses includes increased support for small businesses and incentives for industry.
This document is the 2015 Budget Speech given by Nhlanhla Nene, the Minister of Finance of South Africa, on February 25, 2015. In the speech, Nene outlines the economic context for the budget, noting slow global growth. He presents South Africa's budget framework, with consolidated deficit projected to fall from 3.9% of GDP in 2015/16 to 2.5% in 2017/18. Nene discusses expenditure priorities like infrastructure, agriculture, mining, and support for small businesses to create jobs.
The document is the 2019 budget speech for Botswana delivered by the Minister of Finance and Economic Development. It outlines the country's economic achievements in recent decades, including transitioning to an upper-middle income economy. It emphasizes the need to consolidate development gains to further economic transformation. Key priorities for 2019/2020 include maintaining macroeconomic stability, continuing economic diversification efforts through various initiatives like special economic zones and cluster development, and promoting private sector development to drive growth and employment. Infrastructure development and initiatives to achieve social development goals like poverty eradication are also highlighted.
This document is the introduction to the Saint Lucia government's 2018/2019 budget policy statement. It discusses the government's commitment to transparency and accountability, and progress made in key areas over the past year such as reducing unemployment, reforming social services, and reforming government operations. It pledges to focus on further growing the economy and creating jobs, especially for youth, through strategies outlined in the upcoming budget.
“The Journey to Prosperity” Opening Jamaica Budget Debate Presentation - FY ...Audley Shaw
Just over a year ago, the people of Jamaica sent a clear message that they wanted new and better leadership after years of little or no economic growth, social stagnation and decay. By endorsing our proposals to take Jamaica from poverty to prosperity under the leadership of Prime Minister Andrew Holness, the people have placed their hopes and dreams in our hands.
Recovery plan announcement by president RamaphosaSABC News
The document is President Cyril Ramaphosa's address to Parliament outlining South Africa's economic reconstruction and recovery plan in response to the economic devastation caused by COVID-19. The key points are:
- The plan aims to create jobs through infrastructure investment and employment programs, reindustrialize the economy, accelerate economic reforms, fight crime and corruption, and improve state capability.
- South Africa implemented a large social and economic relief package worth R500 billion (10% of GDP) to support individuals, workers and businesses during the pandemic.
- The economic damage from COVID-19 includes over 2 million job losses, a 16.4% contraction in GDP, and large losses in tax revenue.
The document summarizes budgets from Lesotho, Namibia, and Swaziland. Key points:
- Lesotho's budget projects government expenditure to increase 7.6% to M15.4 billion, with M10.4 billion for recurrent spending and M5 billion for capital projects. It aims to reduce reliance on volatile SACU revenue and improve the investment climate.
- Namibia's budget forecasts the deficit to narrow to 5.4% of GDP and GDP growth to average 5%. Government expenditure is set to rise 26.7% to N$60.28 billion, with 79.6% for operational costs.
- The budgets overall aim to diversify revenues amid uncertainty over
The document discusses private equity investment in Africa. It notes that private equity firms seeking exposure to sub-Saharan Africa's high growth markets have been one of the key drivers of M&A activity on the continent over the past five years. According to reports, sub-Saharan Africa attracted $3.2 billion in private equity investment in 2013, up from $1.6 billion in 2012, making Africa the most popular investment destination globally for private equity firms ahead of Brazil, Russia, India and China. The trend of increasing private equity investment flows into Africa is expected to continue gaining momentum in the medium to long term.
This document is the 2022 Budget Speech given by South African Minister of Finance Enoch Godongwana on February 23, 2022. In the speech, Godongwana outlines South Africa's current fiscal framework, including a revised economic growth outlook, improved tax revenue collection, and plans to narrow the budget deficit and stabilize government debt. He also announces new spending proposals to support education, health, law enforcement, infrastructure development and social assistance programs.
The document is the 2019 budget speech presented by the Governor of Ekiti State, Dr. Kayode Fayemi, to the Ekiti State House of Assembly. It outlines the objectives and priorities of the "Budget of Restoration" for 2019. The budget aims to restore Ekiti State through investments in social programs, education, infrastructure, agriculture, and improving revenue generation and governance. It was developed through public consultation and is intended to achieve sustainable development, accountability, and meet the needs of citizens across the state.
This document is a manifesto from the Congress of the People (COPE) party in South Africa calling for a "fresh start" in the country. It acknowledges problems like racial segregation, economic disparities, and cycles of inequality. It lays out COPE's vision and principles of shared destiny, enlightened self-interest, and good faith. It proposes tasks for both the state and civil society to address problems. The manifesto outlines COPE's stances on issues like the economy, education, health care, land reform, and more. It calls on voters to support COPE to ensure honest leadership committed to upholding the constitution and creating conditions for economic growth and an inclusive society.
This document provides an overview and context for Sri Lanka's 2017 national budget. It discusses the government's goals of accelerating economic growth while promoting social inclusion. Key points include:
- Strengthening democracy, fundamental rights, and national reconciliation to achieve lasting peace and prosperity.
- Developing strategic sectors like logistics, tourism, agriculture, and industry to generate jobs and income while ensuring standards of living.
- Fostering the private sector and public-private partnerships to drive economic activity.
- Pursuing reforms to improve competitiveness, productivity, trade, and investment while exploiting opportunities in regional economic integration.
1) Kenya's budget is Sh. 2.1 trillion but only Sh. 800 billion is expected to be collected in taxes, leaving a Sh. 1.3 trillion gap that must be filled by an already struggling populace.
2) Rising oil prices are used to increase the costs of all other goods and services in Kenya, worsening economic conditions for ordinary citizens and businesses.
3) The entire budget is unrealistic and not backed by economic indicators, relying on inflated GDP figures despite a steady economic decline in key sectors like agriculture and widespread unemployment. Resources are not properly allocated or audited, with massive amounts going to internal security and the powerful planning ministry.
The document outlines the Jamaica Labour Party's 10-point plan to promote economic growth and job creation in Jamaica. The key points of the plan include establishing a Ministry of Economic Growth and Job Creation, simplifying the tax system, investing in water infrastructure, listing state-owned enterprises on the stock exchange, supporting small and medium businesses, and reforming governance. The overall goals are to facilitate investment, foster public-private partnerships, minimize bureaucracy, and put Jamaica back on a path of robust economic growth and employment opportunities.
The Finance Minister announced a 4.8% revenue deficit and 6.8% fiscal deficit in the Union Budget this week. A revenue deficit occurs when a government's revenue expenses exceed its revenue receipts, while a fiscal deficit is the difference between total government expenses and total receipts. Although deficits are generally undesirable, the current budget aims to stimulate demand and create assets through spending in order to dig India out of an economic slowdown and return to 9% growth.
CCC Zimbabwe 2023 election manifesto - A new Great Zimbabwe blueprint for Eve...Povo News
The document outlines a plan to transform Zimbabwe called "A New Great Zimbabwe Blueprint". The key points of the plan are:
1. Restoration - Recalibrating and reviving the country through restoring faith, dignity, rule of law, and relations.
2. Reconstruction - Rebuilding infrastructure, industry, and refurbishing dilapidated areas.
3. Modernization and wealth creation - Modernizing institutions, sectors, and systems to create wealth.
4. Transformation - Transforming culture, structure, infrastructure, strategies and institutions in 5 critical areas.
5. Reconciliation - Building a united nation through restorative justice, truth, forgiveness and reconciliation.
The plan aims
This document provides an overview of foreign direct investment (FDI) trends in the Common Market for Eastern and Southern Africa (COMESA) region from 2008 to 2017. It finds that while global FDI flows declined in 2017, FDI inflows to the COMESA region increased slightly. Egypt and Ethiopia attracted over 60% of total FDI to COMESA in 2017. Several countries saw significant increases or decreases in FDI inflows. The top sectors for FDI varied by country but included petroleum, manufacturing, real estate, and financial services. National policies on investment were also discussed.
Chamisa's court challenge on Zim's 2018 presidential election resultsPovo News
The document discusses the history and development of artificial intelligence over several decades. Early research focused on symbolic approaches using rules and logic but progress was slow. More recently, machine learning techniques such as deep learning have seen increasing success by learning from large amounts of data without being explicitly programmed. These new approaches are being applied to many areas and fueling a new wave of innovation and technology development.
Technical analysis of Zimbabwes biometric voters roll by PacheduPovo News
This document analyzes Zimbabwe's 2018 voter roll for inconsistencies and anomalies that could indicate manipulation. It finds that the demographic distribution in the voter roll is inconsistent with Zimbabwe's demographic models and census data, suggesting possible manipulation. It also finds numerous instances of duplicated or altered identification numbers when compared to previous voter rolls from 2008 and 2013, as well as other internal inconsistencies, implicating deliberate efforts to alter records. The major conclusion is that "ghost voters" who do not have a genuine record of registration do seem to exist in the 2018 voter roll despite biometric registration systems, making the integrity of the results questionable.
Zimbabwe 2018 biometric voters roll analysis - PacheduPovo News
The document analyzes Zimbabwe's 2018 voter roll and identifies over 250,000 records with inaccuracies or duplication, such as invalid ID numbers, duplicate ID numbers, same names/dates of birth, address anomalies, and records assigned to incorrect districts. It finds statistically improbable surname/ID number combinations for over 122,000 records and over 100,000 records appear to have been copied from the 2013 voter roll. The analysis raises concerns about the integrity of the voter roll and Zimbabwe's upcoming election.
This document is the manifesto of the Rehabilitate Zimbabwe Alliance for People's Agenda (APA) party for the 2018 elections. It outlines the APA's vision to reunite Zimbabwe through competent leadership, establish independent institutions, and promote national prosperity. The APA believes Zimbabwe needs unity, freedom, and work as envisioned at independence. It presents a 120 month plan to rehabilitate the country's economy, focusing on sectors like agriculture, mining, tourism, education and healthcare. The APA aims to restore Zimbabwe to regional leadership and provide its citizens with quality jobs, education, and healthcare by 2030.
National Railways of Zimbabwe position paper - Linda MasariraPovo News
1) The document discusses the current poor state of the National Railways of Zimbabwe (NRZ) and the need for restructuring and rehabilitation.
2) It notes that the NRZ was previously critical to Zimbabwe's economic growth but over 20 years its capacity has deteriorated due to lack of maintenance and corruption.
3) The MDC-T party plans to recapitalize the NRZ through raising $1.5 billion from investors and public-private partnerships to modernize infrastructure and rolling stock, establish a regulatory authority, and clear salary arrears owed to NRZ workers.
The document introduces the MDC Alliance's SMART Pledge to address Zimbabwe's political, economic, and social crises. It outlines their vision to rethink the state and economy, and create a sustainable and inclusive system focused on transformation, opportunities, and prosperity. The pledge aims to build an intergenerational consensus and establish a modern, functional state with opportunities for all citizens.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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2. 2019 Budget Speech
2
ISBN: 978-0-621-47023-9
RP: 18/2019
To obtain copies please contact:
Communications Directorate
National Treasury
Private Bag X115
Pretoria
0001
South Africa
Tel: +27 12 315 5944
Fax: +27 12 406 9055
Budget documents are available at: www.treasury.gov.za
3. 2019 Budget Speech
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Madam Speaker
Mr President
Mr Deputy President
Cabinet Colleagues
Governor of the South African Reserve Bank
Honourable Members
MECs of Finance
Fellow South Africans
Goeie middag
Sanibonani
Molweni
Avhusheni
On October 9, 2018, I stood before Judge Babalwa Mantame and took an Oath of Office. I
said:
“I will be faithful to the Republic of South Africa and will obey, respect and uphold the
Constitution and all other law in the Republic; and I undertake to hold my office as
Minister with honour and dignity; to be a true and faithful counsellor … and to perform
the functions of my office conscientiously and to the best of my ability.”
Today, I submit before this august House the National Budget. It reflects, to the best of my
judgment, the nation’s financial situation. It is in the interest of our people and our country, and
not in the narrow objectives of any political party. It is to safeguard the sound financial status
of the Republic. I do this in my role as Minister of Finance, performing my fiduciary responsibility
as the guardian of the nation’s finances.
4. 2019 Budget Speech
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Today, I hereby table:
1. The Budget Speech,
2. The 2019 Budget Review
3. The 2019 Estimates of National Expenditure,
4. The Division of Revenue Bill,
5. The Appropriation Bill, and
6. The Public Audit Excess Fee Bill.
Madam Speaker,
In the 2019 State of the Nation Address, our President set out an ambitious agenda for our
nation. It is an agenda that speaks to the South Africa that we can be. It is a task list for all of
us. It lays out a series of interventions that will put South Africa on a bold new path.
How do we make this renewal a reality? I turned to the Good Book for guidance.
In Zechariah 8 verse 12 it says:
“For the seed shall be prosperous; the vine shall give her fruit, and the ground shall give
her increase, and the heavens shall give their due; and I will cause the remnant of this
people to possess all these things.”
As a part-time farmer, I know that in order for the people to “possess all these things”, we have
to plant anew.
It is time for us to sow the seed of renewal and growth.
But for the seed to be prosperous, as Zechariah enjoins us, we must first cultivate the soil.
Once we have planted the seed, we must nurture it, water it, and protect it from the extremes,
the elements and time.
Despite our best efforts, sometimes, ravages and risks such as pests or rot could attack our
green shoots, but we must persevere; we must prune and pluck away at the rot, until there is
growth. This we must do as a collective.
5. 2019 Budget Speech
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If we look after what we sow, and what we have ploughed and laboured over so tirelessly, since
the founding of our democracy, it will grow and the seed will bear fruit. However, if we abandon
our fields, the seeds we plant will wither.
A few years ago, Madam Speaker, one of my predecessors handed out succulent plums to the
members of this house, to demonstrate the times of plenty we were in.
Today, we walk into this house with an iconic South African plant, the aloe ferox. This is one
of the best known South African plants. It has a long history of medicinal use. It is resilient,
sturdy and drought resistant. It withstands the elements. We must take the bitter with the sweet.
Today, I bring you a seed to prove that if we plant anew, we can return to those plum times.
Madam Speaker, our President has set us on a track of renewal.
But today, I will leave the poetry (and the singing) to the President.
I am here to speak about hard facts and figures.
This Budget is built on six fundamental prescripts:
1. Achieving a higher rate of economic growth
2. Increasing tax collection
3. Reasonable, affordable expenditure
4. Stabilising and reducing debt
5. Reconfiguring state-owned enterprises
6. Managing the public sector wage bill
It will not be easy. There are no quick fixes. But our nation is ready for renewal. We are ready
to plant the seeds of our future.
6. 2019 Budget Speech
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Developments since the October Medium Term Budget Policy Statement
In October, during the 2018 Medium Term Budget Policy Statement (MTBPS), I outlined our
main budget fiscal outlook. At that time, I projected that in 2018/19 tax revenue would be
R1.3 trillion and that spending would be about R1.5 trillion. That left us with a budget deficit of
R215 billion, or 4.3 per cent of GDP.
I said that we were at a crossroads, and that we could go either to heaven, or the other way.
Then, we expected economic growth of 0.7 per cent in 2018. This is still our estimate. But,
many of the risks that we warned about have materialised. We now expect a slower but still
steady recovery after the 2018 technical recession. It is expected that real GDP growth in 2019
will rise to 1.5 per cent, and then strengthen moderately to 2.1 per cent in 2021.
South Africa is a small open economy and we are impacted by events in the global economy
World growth is now expected to slow, constraining South Africa’s export growth forecast.
These macroeconomic conditions have led to a weaker economic outlook.
Madam Speaker, walk with me on a journey of how we have chosen to respond to the
challenges facing us.
Tax revenue and raising SARS capacity
First, we must look at the President’s task list. Then we must match the resources we have to
the plan. In this current year, tax revenue has been revised down by R15.4 billion compared to
our October estimate.
Approximately half of the increase in the shortfall since October is due to higher than expected
VAT refunds. This lowers revenue collection for the year, but puts money back into the
economy.
7. 2019 Budget Speech
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SARS is being fixed. My thanks go to Judge Nugent and his Panel for their wise counsel. On
their recommendations:
1. A new Commissioner will be appointed in the coming weeks.
2. A new Illicit Economy Unit launched in August 2018 will fight the trade in illicit cigarettes
and tobacco.
3. The large business unit was a major source of tax collection, and its skill was renowned.
This unit will be reintroduced and will be formally launched in early April 2019.
4. SARS is strengthening its IT team and its IT systems and this is crucial for our tax
collection efforts.
5. Information sharing agreements with allies will help fight cross-border tax evasion
schemes.
Judge Davis will assess the tax gap, which is the difference between revenue collected and
what ought to be collected. We will also review the proliferation of duty free shops inside South
Africa.
Fiscal prudence requires some tax changes. We propose additional revenue measures of
R15 billion in 2019/20. There will be a slight upward adjustment of the tax-free threshold for
personal income taxes, with no change in the current personal income tax brackets. Together
these will raise R12.8 billion.
Madam Speaker, excise duties on alcohol and tobacco will be increased, as follows:
1. The excise duty on a can of beer goes up by 12 cents to R1.74
2. A 750ml bottle of wine will have an excise duty of R3.15, which is 22 cents more
3. The duty on a 750ml bottle of sparkling wine goes up by 84 cents to R10.16
4. The duty on a bottle of whiskey will go up by R4.54 to R65.84
5. A pack of 20 cigarettes goes up by R1.14 cents to R16.66
6. The excise duty on a typical cigar will go up by about 64 cents to R7.80
7. There will be no change to the excise duty on sorghum beer
8. Fuel levies will increase by 29 cents per litre for petrol and 30 cents per litre for diesel
8. 2019 Budget Speech
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The Road Accident Fund levy increase is not enough to match the Fund’s R215 billion liability.
We urge the Department of Transport to quickly resubmit the Road Accident Benefit Scheme
Bill for Parliament’s urgent consideration. It will help stabilise fuel prices.
The National Treasury will work with the Department of Trade and Industry and the Department
of Economic Development to explore the introduction of an export tax on scrap metal.
The ordinary taxpayer is fully tax compliant and pays their fair share.
Thuma Mina. Paying your taxes is the right thing to do.
Expenditure
Let me turn to our spending projections. Since October, government has taken steps to adjust
baseline expenditure downwards by a total of R50.3 billion over the medium term. Half of these
reductions come from adjustments to government’s spending on compensation. R12.8 billion
comes from measures to reduce spending on specific programmes. Provisional allocations
are made for the financial support to Eskom and the Infrastructure Fund. This offsets the
baseline reductions and as such the expenditure ceiling is revised upwards by R16 billion over
the next three years.
In October, I quoted Tale of Two Cities by Charles Dickens. After a few months in the role, I
feel that Oliver Twist might be more appropriate this time.
In short, ‘Please Sir, may I have some more.’
The SOEs pose very serious risks to the fiscal framework. Funding requests from SAA, SABC,
Denel, Eskom and other financially challenged state-owned enterprises have increased, with
several requesting state support just to continue operating. Isn’t it about time the country asks
the question: do we still need these enterprises? If we do, can we manage them better? If we
don’t need them, what should we do?
9. 2019 Budget Speech
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State-owned enterprise restructuring
Madam Speaker, I said in October that we would have no holy cows when it comes to our
approach to state owned enterprises.
Eskom
In the State of the Nation Address, the President announced a clear and executable plan for
electricity. At the core of this plan is the subdivision of Eskom into three independent
components. This will set the electricity market on a new trajectory, and allow for more
competition, transparency and a focused funding model.
Pouring money directly into Eskom in its current form is like pouring water into a sieve.
I want to make it clear: the national government is not taking on Eskom’s debt. Eskom took on
the debt. It must ultimately repay it. We are setting aside R23 billion a year to financially support
Eskom during its reconfiguration.
The fiscal support is conditional on an independent Chief Reorganisation Officer (CRO) being
jointly appointed by the Ministers of Finance and Public Enterprises with the explicit mandate
of delivering on the recommendations of the Presidential Task Team. We will make
announcements in this regard in the coming weeks.
Minister Gordhan and the strong team he has built at the Department of Public Enterprises will
continue to exercise close and ongoing monitoring of Eskom.
Other state-owned enterprises
On other state-owned enterprises, we are reviewing our framework for state-owned enterprise
support. Government has revised the contingency reserve upwards to R13 billion for 2019/20
to respond to possible requests for financial support.
Financial support will be budget neutral as far as possible.
During this past financial year, total guarantee utilisation increased by R51.1 billion:
1. Eskom used an additional R50 billion of its R350 billion guarantee in 2018/19.
10. 2019 Budget Speech
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2. Denel was granted a further R1 billion guarantee.
3. SAA guaranteed debt increased by R6.2 billion.
4. My congratulations to the Land Bank, which repaid debt, reducing government’s
guarantee exposure. Other entities reduced their guarantees, unfortunately in some
cases as a result of appropriations.
We must tighten the guarantee rules. If a state-owned enterprise applies for a government
guarantee for operational purposes, it will be required to appoint a CRO in concurrence with
the National Treasury and its bondholders. The CRO will undertake a full operational and
financial review. When banks need state support, we appoint a curator. When provincial and
municipal finances are in disarray, government can take over the running of the administration.
These rules should also apply to all SOEs.
Cabinet is considering a proposal to end the issuing of guarantees for operational purposes.
Expiration dates on guarantees will also be strictly enforced. As the President announced,
strategic equity partners will be found where possible.
The consolidated fiscal framework
To summarise: in this coming year, we expect revenues of R1.58 trillion and spending of
R1.83 trillion. That means we will spend R243 billion more than we earn.
Put another way, we are borrowing about R1.2 billion a day, assuming that we don’t borrow
money on the weekend.
This coming year, interest expenditures will be R209.4 billion. This is R1 billion per day. The
expenditure and tax adjustments are designed to largely counteract the additional allocation
for Eskom and the revenue shortfall. As a result, gross national debt will still stabilise at about
60 per cent of GDP in 2023/24, broadly in line with our October forecast.
We are masters of our own destiny.
Our determination to regain our fiscal prudence will form the basis of our economic recovery.
We will be on our way back to the plum years.
11. 2019 Budget Speech
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As we face the future, I am reminded of the words of one of the continent’s independence
leaders, Ghana’s Kwame Nkrumah:
“…the task ahead is great indeed, and heavy is the responsibility; and yet it is a noble
and glorious challenge - a challenge which calls for the courage to dream, the courage
to believe, the courage to dare, the courage to do, the courage to envision, the courage
to fight, the courage to work, the courage to achieve - to achieve the highest excellencies
and the fullest greatness of (people). Dare we ask for more in life? "
Restoring our finances and fixing our state owned enterprises will take great courage.
But it can be done.
Division of revenue
Madam Speaker, the Budget remains redistributive. Taxes raised in wealthier areas fund
poorer provinces and municipalities. In this budget, 47.9 per cent of nationally-raised funds
are allocated to national government, 43 per cent to provinces and 9.1 per cent to local
government over the medium term, after providing for debt-service costs and the contingency
reserve. Pro-poor spending continues to grow in real terms.
Medium-term spending plans
Let me start my presentation on government’s spending priorities by taking you through the
key interventions government is taking to reduce compensation spending.
Wage bill adjustments
The public wage bill is unsustainable. We must shift expenditure to investment. National and
provincial compensation budgets will be reduced by R27 billion over the next three years.
The first step is to allow older public servants who want to do so, to retire early and gracefully.
This will save an estimated R4.8 billion in 2019/20, R7.5 billion in 2020/21 and R8 billion in
2021/22. In time this will be complemented by limits on overtime and bonus payments as well
as pay progression. The system of staffing our diplomatic missions is unjustified and should be
reviewed urgently.
12. 2019 Budget Speech
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As a gesture of goodwill, members of Parliament and provincial legislatures and executives at
public entities will not be receiving a salary increase this financial year.
My colleague, Minister Ayanda Dlodlo will outline the details of the early retirement framework
during the course of the week.
Fulfilling government’s programme of action
The budget proposes total non-interest spending over the next three years of R5.87 trillion.
This after taking into account measures taken over the three years to consolidate the public
finances. The largest allocations are R1.2 trillion for learning and culture, R717 billion for health
services (including National Health Insurance) and nearly R900 billion for social development.
The President set us these five tasks:
1. Accelerate inclusive economic growth and create jobs.
2. Improve the education system and develop the skills that we need now and into the
future.
3. Improve the conditions of life for all South Africans, especially the poor.
4. Fight corruption and state capture.
5. Strengthen the capacity and capability of the state to address the needs of the people.
Mr President, let me illustrate how the Budget talks to your priorities.
Accelerate inclusive economic growth and create jobs
The private sector is the key engine for job creation. Government’s policy actions aim to end
the uncertainty that has undermined confidence and constrained private sector investment.
The R300 billion worth of pledges made at the Investment Conference last year demonstrate
that there is pent-up private sector demand if we grab hold of the opportunity.
Visa requirements are being relaxed to make it easier for tourists to visit and invest in South
Africa.
We have also increased the income eligibility thresholds for the highly successful employment
tax incentive scheme. Jobs for 1.1 million young people are supported by this programme.
13. 2019 Budget Speech
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Data costs must fall!
My fellow Minister will shortly be issuing policy direction to ICASA for the licensing of spectrum.
I will work relentlessly with the Minister until this matter is resolved. This includes resourcing
ICASA for this mandate.
Government has allocated R19.8 billion for industrial business incentives, of which R600 million
has gone to the clothing and textile competitiveness programme. This will support 35 500
existing jobs and create about 25 000 new jobs over the next three years.
The Jobs Fund is a vital complement to private sector job creation. The Fund has disbursed
R4.6 billion in grant funding, and created well over 200,000 jobs since inception. The allocation
to this Fund will rise over the next three years to R1.1 billion.
R481.6 million is allocated to the Small Enterprise Development Agency to expand the small
business incubation programme.
A robust debate on land is taking place in South Africa. We are supporting private sector
investments in agriculture by emerging farmers. R1.8 billion is allocated for the implementation
of 262 priority land-reform projects over the next three years. R3.7 billion is set aside to assist
emerging farmers seeking to acquire land to farm.
The Land Bank will support smallholders, and leverage partnerships with other financial
institutions. It aims to disburse R3 billion in the next fiscal year.
Improve the education system and develop the skills that we need
Learning and culture receives the largest share of spending as Government continues to
provide access to quality basic and higher education, develop skills, provide training and
contribute to social cohesion.
Over R30 billion is allocated to build new schools and maintain schooling infrastructure. An
additional R2.8 billion is added to the School Infrastructure Backlogs grant to replace pit latrines
at over 2 400 schools. But to make certain these schools are effective centres of learning will
also require parents to be a visible and constructive part in the governance of schools.
14. 2019 Budget Speech
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Fully subsidised education and training for the poor is government’s flagship higher education
intervention. Over the medium term government will spend R111.2 billion to ensure that 2.8
million deserving students from poor and working class families obtain their qualifications at
universities and TVET colleges.
Finally, the global renown of South Africa’s art and culture is an expression of our soft power
and our heritage. Our public finance choices should reflect an intention to preserve and add to
our cultural canon. Officials from the National Treasury and the Department of Arts and Culture
will consider proposals for the development of a new national theatre, a new national museum,
and also consider financial support for the National Archives, a national orchestra and ballet
troupe.
Improve the conditions of life for all South Africans, especially the poor
In the fight against poverty and inequality, Government has allocated R567 billion for social
grant payments. In 2019, the grant values will increase as follows:
• R80 increase for old age, disability, war veterans and care dependency grants.
• R40 increase for the foster care grant to R1 000.
• The child support grant will increase to R420 in April and to R430 in October.
Health services
In health, we need simple, effective interventions. We need more doctors and nurses.
R2.8 billion has been reprioritised to a new human resources grant and R1 billion for medical
interns. R1 billion has been added to raise the wages of community health care workers to
R3500 per month. Finally about R319 million is allocated to eliminate malaria in South Africa.
Access to housing
Government continues to focus on supporting people to own their own homes. Funding totalling
R14.7 billion over the two outer years has been reprioritised to two new conditional grants for
informal settlements upgrading which will enable these households to have access to basic
amenities.
15. 2019 Budget Speech
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Our Help to Buy subsidy helps first-time home buyers purchase a home. As a pilot, it gets R950
million over three years.
Economic infrastructure
The South African National Roads Agency is allocated an additional R3.5 billion over the next
3 years to improve non-toll roads. In October, I emphasised the importance of the user pay
principle. It is a principle that we should uphold. In any future negotiations, this should be borne
in mind.
Combating crime and corruption
Over the past couple of years South Africa has been grappling with corruption. We must root
this out. National Treasury and the Department of Justice will work swiftly to support the
establishment of the new Investigating Directorate in the NPA.
Strengthen the capacity and capability of the state to address the needs of the people
My colleagues at provincial and municipal level are working as best as they can to deal with
rising wage costs and reduced transfers. Provincial treasuries and the municipalities have a
partner in the National Treasury to work with on their constitutional obligations. Grants such as
the Financial Management grant, and the Municipal Systems Improvement grant are available.
The Public Audit Excess Fee Bill tabled today strengthens the Auditor General’s role in
municipalities.
We need to build a strong culture of payment in our country.
Collecting the revenue due to the state is the underlying foundation of our democracy, of
building a nation, and it is our duty to pay for services especially if we can afford to do so.
National Treasury will lead a process to encourage those, including government departments,
who owe money to municipalities, to pay for services.
Finally, service providers must build what they promised at a reasonable rate.
Thuma Mina. Pay your municipal bills on time.
16. 2019 Budget Speech
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Future proofing the budget
The budget is also about our long-term vision.
We spend a lot on infrastructure. Four things will get us better infrastructure: First is to create
a sensible project pipeline. Second, is streamlining the law to make it easier to build. Third,
better information for everyone. And finally, is to actually build. So far we are working on a
wastewater treatment facility works in the Vaal, a solar water geyser programme and student
accommodation. R625 million is allocated to the Development Bank of Southern Africa, the
Government Technical Advisory Centre and the Presidential Infrastructure Coordinating
Commission to strengthen project preparation in this context and on a speeded up basis,
projects based on rural roads and water will be prioritised. Details on several priority projects
can be found on the Vulekamali portal.
The infrastructure fund is a central pillar of the Budget and of reprioritisation. It will accelerate
R526 billion worth of on-budget projects by bringing in the private sector and development
finance institutions. In several instances the private sector will design, build and operate key
infrastructure assets. In addition, government will commit R100 billion over the next decade.
As we look to the future, I see the following huge shifts in society and the world.
The first is the rise of technology. Twenty-five years ago, the Budget was prepared on reams
of paper, carefully stapled together. I reviewed this speech on my tablet, and you can keep
track of the speech on Twitter right now. By the way, it is at #RSABudget. Who knows how the
Budget will be prepared in twenty-five years’ time?
Our budget spending has to focus on getting our country ready for technology. The first step is
to fix the education system. Government is rolling out a maths and science grant. The Governor
of the South African Reserve Bank is driving an ambitious FinTech programme, together with
colleagues from the other financial-sector regulators.
The sustainability challenge affects us all. Climate change is real. The steps being
undertaken at Eskom will allow us to expand renewable energy, and the carbon tax will come
into effect from 1 June 2019.
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The third challenge is rapid urbanisation. We cannot go on building horizontally, serious
consideration must be given to “going up” as part of an integrated development strategy.
The final challenge is nationalism. In many successful economies, immigrants have been a
source of dynamism. Narrow nationalism often leads to stagnation. We need to redouble our
efforts to attract highly-skilled people to South Africa. Professor Ricardo Hausmann of Harvard
University talks of the “know-how” that these individuals bring. Their skills are complementary
to our own. We need to free our entrepreneurs from stifling regulations and complicated taxes.
We will continue to work closely with our partners in the BRICS, the African Development Bank
and the South African Customs Union.
Madam Speaker it is prudent to say that we are a shareholder in a number of multilateral
institutions and this ensures that South Africa plays its rightful place on the continent and the
world.
Before I conclude, my thanks to the President of the Republic for his leadership during this
budget process. A word of appreciation to the National Treasury Director General and his team.
Their good humour and determination have got us through a difficult Budget.
My thanks to Acting SARS Commissioner and Team SARS for persevering to restore the
integrity of the institution, to the Governor of the South African Reserve Bank for his support
and collegiality. To colleagues in the Cabinet, in the Minister’s Committee on the Budget, and
all those that have supported us in this time.
I recall Psalm 23:
“Even though I walk through the darkest valley, I will fear no evil, for you are with me;
your rod and your staff, they comfort me.”
Conclusion
In summary, Madam Speaker, let me outline the highlights of this Budget:
1. We are taking tough steps to fix the fiscal position and state-owned enterprises.
2. Our children are our future. Most of the spending goes to education, and we will
strengthen early childhood development and support higher education for the most
deserving.
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3. On land, we have set aside money to help our people buy their own houses, support
land reform, and transfer title deeds.
4. On electricity, we face tough choices on Eskom.
5. We are reprioritising resources towards the President’s infrastructure fund and away
from the wage bill.
Madam Speaker, this is a Budget that plants a seed for renewal and growth.
It is all of our duty to tend the seed and see that it grows strong, tall and fruitful.
It is a Budget for the future.
For ye shall go out with joy, and be led forth with peace: the mountains and the hills
shall break forth before you into singing, and all the trees of the field shall
clap their hands.
Isaiah 55:12.
Thank you
19. 19
Summary of the national budget
2018/19 2019/20 2020/21 2021/22
Budget Revised Budget Medium-term estimates
estimate estimate estimate
R million
REVENUE
Estimate of revenue before tax proposals 1 388 464
Budget 2019/20 proposals: 15 000
Direct taxes 13 800
Taxes on individuals and companies
Personal income tax 13 800
Revenue from not fully adjusting for inflation 12 800
Revenue if no adjustment is made 14 000
Partial bracket creep for personal income tax -1 200
No adjustment to medical tax credit 1 000
Indirect taxes 1 200
General fuel levy adjustment -500
Introduction of carbon tax on fuel 1 800
Additional VAT zero-rated items -1 100
Increase in excise duties on tobacco products 400
Increase in excise duties on alcoholic beverages 600
Estimate of revenue after tax proposals 1 321 146 1 285 386 1 403 464 1 505 118 1 632 925
Percentage change from previous year 9.2% 7.2% 8.5%
EXPENDITURE
Direct charges against the National Revenue Fund 683 691 686 212 743 850 805 706 868 089
Debt-service costs 180 124 182 218 202 208 224 066 247 408
Provincial equitable share 470 287 470 287 505 554 542 909 578 645
General fuel levy sharing with metropolitan municipalities 12 469 12 469 13 167 14 027 15 182
Skills levy and sector education and training authorities 16 929 17 312 18 759 20 437 22 307
Other 1)
3 883 3 927 4 163 4 267 4 545
Appropriated by vote 814 509 823 645 882 648 946 484 1 007 493
Current payments 229 318 231 026 246 636 263 911 282 640
Transfers and subsidies 566 436 563 245 615 879 661 429 702 243
Payments for capital assets 14 297 15 632 15 424 16 230 17 426
Payments for financial assets 4 457 13 742 4 708 4 914 5 184
Provisional allocations 6 000 - 19 210 11 376 18 904
Provisional allocation not assigned to votes2)
6 000 - 10 376 3 904
Infrastructure fund not assigned to votes - - 1 000 - 4 000
Provisional allocation for Eskom restructuring - - 23 000 23 000 23 000
Compensation of employees and other baseline adjustments - - -4 800 -12 000 -12 000
Total 1 504 200 1 509 858 1 645 707 1 763 566 1 894 485
Plus:
Contingency reserve 8 000 - 13 000 6 000 6 000
Estimate of national expenditure 1 512 200 1 509 858 1 658 707 1 769 566 1 900 485
Percentage change from previous year 9.9% 6.7% 7.4%
2018 Budget estimate of expenditure 1 512 200 1 632 571 1 757 452
Increase / decrease (-) -2 343 26 137 12 114
Gross domestic product 5 025 379 5 059 106 5 413 825 5 812 415 6 249 070
1) Includes direct appropriations in respect of the salaries of the President, Deputy President, judges, magistrates, members of Parliament,
National Revenue Fund payments (previously classified as extraordinary payments), and the International Oil Pollution Compensation Fund.
2) The 2018/19 year includes provision for contingencies related to drought relief in several provinces, support to the water sector and public investmen
improved infrastructure planning.
Source: National Treasury
2019 Budget Speech
20. 20
Summary of the consolidated budget
2018/19 2019/20 2020/21 2021/22
Budget Revised Budget Medium-term estimates
estimate estimate estimate
R million
National budget revenue 1)
1 321 146 1 285 386 1 403 464 1 505 118 1 632 925
169 570 169 831 180 347 191 265 203 673
Consolidated budget revenue 2)
1 490 716 1 455 217 1 583 811 1 696 382 1 836 598
National budget expenditure 1)
1 512 200 1 509 858 1 658 707 1 769 566 1 900 485
158 990 155 568 167 845 179 380 188 529
Consolidated budget expenditure 2)
1 671 190 1 665 425 1 826 553 1 948 947 2 089 014
Consolidated budget balance -180 473 -210 208 -242 741 -252 564 -252 416
Percentage of GDP -3.6% -4.2% -4.5% -4.3% -4.0%
FINANCING
Domestic loans (net) 173 704 180 269 209 992 230 405 232 664
Foreign loans (net) 35 912 51 638 -20 992 30 889 39 246
Change in cash and other balances -29 143 -21 699 53 742 -8 730 -19 495
Total financing (net) 180 473 210 208 242 741 252 564 252 416
1) Transfers to provinces, social security funds and public entities presented as part of the national budget.
2) Flows between national, provincial, social security funds and public entities are netted out.
Source: National Treasury
Revenue of provinces, social security funds and public entities
Expenditure of provinces, social security funds and public entities
2019 Budget Speech