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Eskom at a sustainability ‘tipping point’, business and labour warn

By: Terence Creamer     8th September 2017 Business and labour raised serious questions on Friday about the sustainability of State-owned electricity producer Eskom in light if its current governance failings, which were now undermining its financial health to the point where government could be force to assist the utility in meeting its... 

Don't panic, we are not funding SAA – GEPF

By: News24Wire      31st August 2017 The Government Employees Pension Fund (GEPF) assured its members, pensioners and beneficiaries that it has not received any proposal to help fund South African Airways (SAA). GEPF is Africa’s largest pension fund with more than 1.2-million active members from more than 325 government departments,... 

Finance Minister Gigaba continues to oppose Denel Asia deal

By: Keith Campbell     26th May 2017 The National Treasury on Friday reaffirmed, in a press release, that Finance Minister Malusi Gigaba continues to oppose the proposed joint venture between the State-owned Denel defence industrial group and VR Laser Asia, intended to create a company called Denel Asia. The press release was issued... 

GEPF assures its funds are not used to bail out troubled SAA

By: Natasha Odendaal     25th May 2017 The Government Employees Pension Fund (GEPF) on Thursday assured that it was not funding the recapitalisation of ailing national airliner South African Airways (SAA), nor had it been approached to contribute. Speculation emerged last week that the GEPF’s assets will be used, through its fund... 

Zuma court move in Gupta matter fails

By: News24Wire      28th March 2017 President Jacob Zuma’s legal representatives declined to join proceedings in the matter between Finance Minister Pravin Gordhan and Gupta-owned Oakbay Investments. On Monday Zuma entered the case, which involves 14 companies owned by the Guptas, National Treasury, the Reserve Bank governor, the... 

G20’s Compact with Africa launched with widespread support

By: Natasha Odendaal     20th March 2017 Clear support emerged last week from Group of 20 (G20) members’ Finance Ministers and central bank governors for the broadening of international economic and financial cooperation with African countries to “foster sustainable and inclusive growth” in line with the African Union’s Agenda 2063. At... 

Sanral CEO looks to regain South Africa’s trust despite ongoing e-toll tussle 

By: Irma Venter     24th February 2017 Not too long ago, the South African National Roads Agency Limited (Sanral) was a firm darling among its peers. It was a well-funded State-owned enterprise (SOE) almost never under fire, seldom in retreat, grinding ever onward in its task to manage and expand the country’s road network. Then came... 

Sanral CEO looks to regain South Africa’s trust despite ongoing e-toll tussle

By: Irma Venter     24th February 2017 Not too long ago the South African National Roads Agency Limited (Sanral) was a firm darling among its peers. It was a well-funded State-owned enterprise (SOE) almost never under fire, seldom in retreat, grinding ever onward in its task to manage and expand the country’s road network. Then came... 

Treasury concerned about price-fixing allegations against banks

By: Anine Kilian     17th February 2017 The National Treasury has noted with concern the statement issued by the Competition Commission on the completion of an investigation into alleged price-fixing and market allocation by 17 banks, including three South African banks, all of which have an international footprint. The matter has now... 

What SA should do with ratings breather – Treasury

By: News24Wire      28th November 2016 Recent ratings outcomes mean South Africa is given some time to fast-track growth enhancing strategies to minimise the costs associated with negative sentiments, said National Treasury. This may offset the increasing cost of borrowing, thereby enabling government to continue with its spending... 

Consideration of revenue Bill rescheduled

By: Sane Dhlamini     18th November 2016 The consideration of the Division of Revenue Amendment Bill for 2016/17 will have to be rescheduled following two failed attempts by the National Assembly to pass the critical Bill.  National Treasury said in a statement on Friday that the Bill was still on track to be passed before the end of... 

SAA warned to file financials, overhaul board 

By: News24Wire      31st August 2016 The much-delayed tabling of South African Airways' (SAA's) annual financial statements has now dragged on for an unacceptably long time and all concerned must urgently get the matter resolved, Parliament's Standing Committee on Finance said on Wednesday. It expressed concern about reports that... 

SA Treasury to hold sugar tax workshop

By: African News Agency      29th August 2016 National Treasury on Monday confirmed that it will hold a stakeholder workshop in November to discuss the proposed tax on sugar sweetened beverages. This comes after the Beverages Association of South Africa (BevSA) last week warned that the proposed tax on sugar-sweetened beverages had the... 

Eskom continues to cooperate with National Treasury on coal contract probes

By: African News Agency      29th August 2016 Eskom on Sunday dismissed reports that findings have been made against the parastatal, insisting it continues to cooperate with the National Treasury on its investigations of Eskom coal contracts. “Contrary to the allegations made by the Sunday Times today [Sunday], the National Treasury has not... 

Opposition calls for legal opinion on further extension for SAA financials

By: African News Agency      25th July 2016 The Democratic Alliance on Monday urged Parliament’s standing committee on finance to seek legal advice on whether it is allowed to grant National Treasury a third extension in tabling South African Airways’s financial results. "It is in our contention that there is no provision made in the... 

Proposed tax on sugar-sweetened beverages published 

By: Tracy Hancock     8th July 2016 National Treasury published a policy paper and proposals on the taxation of sugar-sweetened beverages (SSBs) for public comment on Friday. The problem of obesity had grown over the past 30 years in South Africa, resulting in the country being ranked the most obese country in sub-Saharan Africa. 

Health…a cornerstone to building a stronger SA

     1st June 2016 Provision and access to quality health is a key part of the National Development Plan. Health has been identified as an important aspect that will help drive growth in the South African economy due to the social effects it will have on the lives of South Africans.  Currently, the public health... 

Treasury to probe Panama, South Africa links

By: Natasha Odendaal     6th April 2016 With some South Africans implicated in the offshore bank accounts cited in the leak of millions of documents from a Panama-based legal firm earlier this month, the National Treasury aimed to probe whether the law had been flouted. Earlier this month, the release of more that 11.5-million... 

SAA to terminate Abu Dhabi route

By: Keith Campbell     1st February 2016 The National Treasury has announced that State-owned flag carrier South African Airways (SAA) had been given permission by the Minister of Finance to end operations on the Johannesburg-Abu Dhabi route. The airline started flying this route in March last year, in a codesharing agreement with... 

SAA Airbus swap deal goes Nene's way

By: News24Wire      22nd December 2015 The SAA board conceded defeat to Treasury on Monday after Finance Minister Pravin Gordhan directed it to conclude the swap transaction with Airbus in line with approval granted by Nene. After his appointment, Gordhan gave SAA an opportunity to make further representation, following which he... 

Britain investing in nuclear, will hold small modular nuclear reactor competition

By: Keith Campbell     26th November 2015 In his Spending Review and Autumn Statement 2015 on Wednesday, British Chancellor of the Exchequer George Osborne announced that the UK government was “doubling our spending on energy research with a major commitment to small modular nuclear reactors”. In a document posted on its website, the UK... 

Govt infrastructure spend continues to grow, albeit slower

By: Megan van Wyngaardt     21st October 2015 Government’s investment in infrastructure will continue to grow, but not as rapidly as in the past, with the focus shifting to improving value for money in infrastructure delivery, the National Treasury highlighted on Wednesday, noting that more than R800-billion will be invested in public-sector... 

Nene promises ‘strict adherence’ to expenditure ceiling as tax collections come under strain

By: Terence Creamer     21st October 2015 Finance Minister Nhlanhla Nene promised “strict adherence” to government’s expenditure ceiling when outlining his Medium-Term Budget Policy Statement (MTBPS) on Wednesday, which took place amid protests inside and outside of Parliament over university fee increases. However, the statement still... 

Report reveals municipal spending, revenue underperformance in H1

By: Natalie Greve     19th March 2015 South African municipalities spent 42.3%, or R142.6-billion, of their total adopted budget of R336.8-billion in the six months ended December 31, while, in respect of revenue, aggregate billing and other earnings amounted to 47.7%, or R160-billion, of the total adopted revenue budget of... 

R274bn earmarked for infrastructure development in 2015/16, MTEF spend cut 

By: Natalie Greve     25th February 2015 Prioritising spending on “economic” infrastructure such as roads and transport, electricity, and water and sanitation, the 2015 National Budget has earmarked R274-billion of the public kitty for the construction, maintenance, repair and upgrade of public-sector infrastructure in the coming fiscal... 

DMR to spend R4.1-billion in compliance crackdown

By: Natalie Greve     25th February 2015 Clamping down on noncompliant mining companies, the Department of Mineral Resources  (DMR) plans to spend some R4.1-billion, or 81.4% of its total budget, on enforcing compliance with legislation and promoting sustainable resource use and management over the current medium-term expenditure... 

Social grant dependants doubled over last decade, Treasury reveals

By: Natalie Greve     14th January 2015 The number of South Africans benefiting from social grants has more than doubled over the last ten years, from 12.7% to 30.2% of the population, National Treasury revealed on Wednesday. Similarly, provincial social development budgets were estimated to have almost doubled for the period between... 

Reduction in financially distressed municipalities, but underspending rises

By: Natasha Odendaal     10th December 2014 While several municipalities have improved their financial status over the past year, 86 of South Africa’s 278 municipalities were financially distressed as at June 30. National Treasury’s latest report on local government’s finances, released this week, showed this was an improvement on the 95... 

Govt to table procurement review in November

By: Natasha Odendaal     22nd October 2014 Government’s plans for reining in the country’s public procurement would be outlined in the Public Procurement Review, which will be published next month. Finance Minister Nhlanhla Nene told Parliament on Wednesday that the document would “clearly” outline the reforms to be implemented within the... 

Treasury freezes public positions to curb expenditure

By: Natasha Odendaal     22nd October 2014 National Treasury this week froze the public personnel headcount and embarked on a review of funded vacancies in an effort to curb State spending and re-establish a sustainable foundation for the public purse. In his inaugural Medium-Term Budget Policy Statement (MTBPS), Finance Minister Nhlanhla... 

SA concludes $1bn and €500m international capital bonds

By: Leandi Kolver     18th July 2014 South Africa on Thursday successfully priced and concluded a $1-billion 30-year, as well as a €500-million 12-year, bond issuance in the international capital markets, as part of its 2014/15 financing programme, National Treasury announced on Friday. The 2014 Budget Review made provision for... 

Carbon Offsets Paper published for public comment 

By: Leandi Kolver     29th April 2014 The National Treasury on Tuesday published the ‘Carbon Offsets Paper’ for public comment, outlining proposals for a carbon offset scheme that would enable businesses to lower their carbon tax liability and make investments that would reduce greenhouse-gas (GHG) emissions. The carbon offsets... 

State-owned firms to spend R381bn by 2017

By: Natalie Greve     26th February 2014 Capital expenditure by major State-owned companies (SoCs) is projected to reach R381.9-billion over the next three years, with investments by Eskom, Transnet and the South African National Roads Agency accounting for 90% this amount. This projected spend formed part of the R847-billion government... 

Govt wants to address concerns by Fitch 

By: Sapa     19th December 2013 The South African government was committed to addressing the concerns identified in Fitch's Rating review, National Treasury said on Wednesday night. It said Fitch Ratings had earlier announced that it had affirmed the country's long term foreign and local currency Issuer Default Ratings (IDRs)... 

Govt proposes youth employment tax incentive

By: Idéle Esterhuizen     27th February 2013 The National Treasury has proposed the introduction of a youth employment tax incentive to assist South Africa’s young work seekers in gaining valuable work experience and access to employment. “Following careful consideration of inputs from various stakeholders, a revised youth employment... 

OUTA makes headway in e-toll case

By: Sapa     26th April 2012 A bid to stop e-tolling made headway on Wednesday when the High Court in Pretoria ruled the application was urgent. Judge Bill Prinsloo agreed with the applicants, the Opposition to Urban Tolling Alliance (Outa), saying: "The widespread public interest and the protesting... should persuade me to... 

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