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South Africa South Africa: SALGA Welcomes 2017/18 Budget
The South African Local Government Association (SALGA) has welcomed the Budget proposals for the 2017/18 fiscal year as presented by Finance Minister Pravin Gordhan. The Minister presented the Budget Speech before Parliament on Wednesday in Cape Town. SALGA on Thursday said it appreciates the context and challenges facing the country, and the local government sphere in particular, against which the budget was presented.
South Africa South Africa: Game Changers to Improve Municipalities
With municipalities continuing work to improve themselves, new conditional grants and so called “game changers” will be introduced, National Treasury said on Wednesday. This as government continues to work to reduce costs and improve financial management. Tabling the 2017 Budget before a joint sitting of Parliament, Finance Minister Pravin Gordhan said government continues to invest in improving the financial capability of municipalities. He said that in the period ahead, National Treas ...
South Africa South Africa: GDP to Average 1.3% in 2017 – SA Needs to Boost Investment
South Africans can expect growth of 1.3% in 2017, which is expected to improve moderately to over 2% in the medium term, Finance Minister Pravin Gordhan said on Wednesday. In its 2017 Budget Review, National Treasury forecasts a Gross Domestic Product (GDP) growth of 1.3% in 2017, 2% in 2018 and 2.2% in 2019. “We expect somewhat higher growth in the coming year on the strength of a number of favourable trends [like] commodity prices have rebounded and the exchange rate has recovered from i ...
South Africa South Africa: New Perspective on Economic Transformation Needed
South Africa needs a new perspective on economic transformation, Finance Minister Pravin Gordhan said on Wednesday. “To achieve sustained higher growth, there are also more fundamental, more radical transformation measures that are needed. These relate, in particular, to economic power,” said Minister Gordhan, who tabled the 2017 Budget in Parliament. He said the relationships between labour and capital, rich and poor, black and white, men and women, town and townships, among others, still ...
South Africa South Africa:Spending on Non-Essentials Continues to Improve
Provinces continue to make progress in implementing cost containment measures announced by government in 2013, with the spending on non-essential goods trend expected to continue. In the 2017 Budget Review, National Treasury said spending on non-essential goods and services fell in real terms by 7.1% in 2014/15, 6.1% in 2015/16 and is anticipated to decline by 4.5% annually over the medium term. Finance Minister Pravin Gordhan tabled this on Wednesday during the 2017 Budget in Parliament, ...
South Africa South Africa: Government Borrowing Increases
Government’s gross borrowing requirement is expected to reach R243.3 billion in 2016/17, National Treasury said on Wednesday. “In 2016/17, the budget deficit amounts to an estimated R170.5 billion. Debt repayments amount to R72.9 billion, bringing the total borrowing requirement to R243.4 billion,” said Treasury in its 2017 Budget Review. Government borrows money to finance the difference between revenue and expenditure, and to pay debt that is due. The R243.4 billion borrowing requirem ...
South Africa South Africa: Good News for Affordable Housing Market
As Finance Minister Pravin Gordhan tabled what appeared to be a pro-poor budget, he has announced that relief will be given to the affordable housing market. Those buying property worth up to R900 000 will not be required to pay any costs in relation to transfer duty, meaning low earners, especially first time property buyers, will find house-hunting more affordable. The Minister said this when he tabled the 2017 Budget at the National Assembly on Wednesday.
South Africa South Africa: Free State Records Progress in Land Redistribution
Progress has been made in redistributing land to residents in the Free State, says Premier Ace Magashule. He said this on Tuesday in Vrede when he delivered the State of the Province Address (SOPA). “We have made some progress in relation to the allocation of land to our people. We have acquired and allocated about 8 149 hectares of land.” The Premier said about 7 017 hectares of land have been allocated to smallholder farmers, while about 987 hectares have been allocated to labour tena ...
South Africa South Africa: Free State goes the Extra Mile to Support Leaners
The Free State Provincial Government will this year establish Education Development Committees in every town for the benefit of learners. This was announced by Premier Ace Magashule in his State of the Province Address (SOPA) on Tuesday, in Vrede. He said the committees will create community hubs where unemployed university graduates, retired teachers and principals will all participate in education programmes, and programmes for the well-being of learners.
South Africa South Africa: Ministers Welcome Inclusive Budget
Economic Development Minister Ebrahim Patel says the 2017 Budget, tabled by Finance Minister Pravin Gordhan on Wednesday, is focussed on providing opportunities for those that are not part of the mainstream economy. The Minister said this shortly after the Finance Minister tabled his Budget Speech in the National Assembly. In his speech, the Minister said issues like anti-competitive business practices should be discouraged and dealt with harshly. “I think this is a budget that says gro ...
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