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Budget News

Government departments implement initiatives to create more jobs

By: Donna Slater 16th November 2020 Various government departments have commenced with the rollout of President Cyril Ramaphosa’s plan to protect and create jobs as part of his emergency relief package that has been mobilised in the wake of the Covid-19 pandemic and to address the impacts thereof. To date, Public Works and... →

Maintenance saves companies’ bottom line

13th November 2020 With economic uncertainty levels reaching an all-time high, it is necessary to find creative and resilient ways to reduce budgets while boosting the bottom line. Preventive maintenance is often one of the most tempting to trim, however, doing so could end up costing a business significantly more... →

PREVENTION BETTER THAN CURE Companies can minimise the risk of costly reactive maintenance as reactive maintenance only addresses problems as it arises

B4SA proposes alternatives to another hard lockdown in event of a second wave

By: Donna Slater 10th November 2020 To restore and boost investor and consumer confidence in South Africa, Business for South Africa (B4SA) is requesting certainty from government that there will not be another “hard economic lockdown” – such as those of Alert Levels 3 to 5 – in South Africa in the event of a second wave of... →

Next interim candidate appointed as FSCA commissioner

By: Marleny Arnoldi 9th November 2020 National Treasury has appointed Olano Makhubela interim commissioner of the Financial Sector Conduct Authority (FSCA) for a period of three months starting November 6. He is currently the divisional executive for retirement funds supervision at the authority and will continue with these... →

Covid-19 accelerates domestic sustainable finance market – Standard Bank

By: Donna Slater 4th November 2020 The Covid-19 pandemic has heightened the focus on climate change and financial instruments that promote sustainable economic development, Standard Bank group CEO Sim Tshabalala noted in the latest episode of the ClimateBiz podcast series hosted by the International Finance Corporation (IFC). In... →

Economic Reconstruction and Recovery Plan presents opportunity to build a better economy, says Saice

By: Donna Slater 4th November 2020 The Economic Reconstruction and Recovery Plan tabled by President Cyril Ramaphosa in October, provides an opportunity to build a better structured economy, reports South African Institution of Civil Engineering CEO Vishaal Lutchman. Following Ramaphosa’s announcement of the plan, Finance Minister... →

Bank to play pivotal role in recovery plan

By: Cameron Mackay 30th October 2020 State-owned development finance institution Development Bank of Southern Africa (DBSA) is looking to accelerate playing a meaningful role in the economic recovery of the country by assisting in financing and implementing vital infrastructure projects for the transport sector, particularly road... →

THE ROAD TO RECOVERY The DBSA sees roads infrastructure and other transport sector infrastructure as key to stimulating economic growth and social inclusion

Medium-term budget highlights

29th October 2020 Creamer Media's Chanel de Bruyn speaks to Creamer Media Editor Terence Creamer about the new fiscal framework presented by Finance Minister Tito Mboweni during his Medium-Term Budget Policy Statement, on Wednesday; what this could mean for public sector wages and South Africa's credit rating;... →

Medium-term budget highlights

Budget policy critical to economic recovery from Covid-19, says BLSA

By: Donna Slater 26th October 2020 This week is an important one in that South Africa’s Medium-Term Budget Policy Statement (MTBPS) will be presented by Finance Minister Tito Mboweni on October 28, having the potential to support a recovery in business sentiment leading to a recovery in growth and employment, says Business... →

BLSA implores Mboweni to prioritise revenue collection in MTBPS

By: Marleny Arnoldi 23rd October 2020 In an open letter from Business Leadership South Africa (BLSA) addressed to Finance Minister Tito Mboweni, the organisation asks that the Medium Term Budget Policy Statement (MTBPS) "aggressively trim remaining fat" towards efficient revenue collection in the country. On behalf of business,... →

Mboweni requests to move MTBPS to October 28

By: Marleny Arnoldi 14th October 2020 Finance Minister Tito Mboweni has asked for an extended timeframe to table the 2020 Medium Term Budget Policy Statement. The Speaker of the National Assembly acceded to the request for the Minister to table the budget on October 28, instead of October 21, pending approval of the Parliamentary... →

Finance Minister Tito Mboweni

SA Mint pays homage to eye surgery invention in latest crown, tickey series

By: Marleny Arnoldi 7th October 2020 The South African Mint (SA Mint) has again shined a light on the retinal cryoprobe, which is featured on its 2020 crown and tickey coin series. The South African Reserve Bank subsidiary has since 2016 celebrated the national genius of inventors and inventions, which have had global success, on... →

National Treasury launches Covid procurement spend dashboard

By: Marleny Arnoldi 5th October 2020 Further to President Cyril Ramaphosa’s directive to organs of State in August to submit information around their Covid-19 procurement, the National Treasury has published an interactive Covid-19 procurement dashboard to show procurement activity. Treasury was tasked with creating a standard... →

Civil society organisations urge leaders to tackle corruption

By: Donna Slater 1st September 2020 In an open letter addressed to President Cyril Ramaphosa and Finance Minister Tito Mboweni, Corruption Watch executive director David Lewis and Public Affairs Research Institute executive director Dr Mbongiseni Buthelezi urge the leaders to tackle corruption by taking advantage of the current... →

Treasury goes live with info on State Covid-19 procurement contracts

By: Marleny Arnoldi 26th August 2020 The Presidency on August 26 confirmed that all Covid-19-related government expenditure has been published online. The Office of the Chief Procurement Officer has published a full list of all companies who have been awarded contracts by government for the supply of goods and services relating to... →

B4SA disappointed at TERS payment suspension

By: Donna Slater 26th August 2020 Business for South Africa (B4SA) is disappointed that all payments of Unemployment Insurance Fund (UIF) Temporary Employer/Employee Relief Scheme (TERS) benefits have been halted pending investigations by the Auditor-General (AG). It is understood that the AG is investigating system integrity... →

Covid-19 severely impacts business confidence, unemployment

By: Donna Slater 17th August 2020 Strategy and investment consulting firm Singular Group says the Covid-19 pandemic has severely impacted South Africa’s economy, to such an extent that business confidence is at an all-time low, 22% lower than during the 2008 global financial crisis and currently ranking in the 8% range. During... →

More German experts coming to help reactivate South African industry

By: Rebecca Campbell 14th August 2020 The German embassy in South Africa expects further technical experts from that country to arrive in South Africa, subject to the approval of the South African government. The first contingent of these experts, sent to help reactivate and upgrade German-owned factories and service companies in... →

UIF TERS extended July/August applications to open next Monday

By: Donna Slater 13th August 2020 The Unemployment Insurance Fund (UIF) will open and begin processing the July/August Covid-19 Temporary Employee Relief Scheme (TERS) benefits applications from August 17. This follows the signing of the new directive on the extended period of benefits by Employment and Labour Minister Thulas... →

EU liquor trading partner puts pressure on South African govt to lift alcohol ban

By: Marleny Arnoldi 11th August 2020 In a statement, the liquor industry of South Africa has acknowledged the concerns raised by SpritsEurope around imbalances in trade between South Africa and the European Union (EU), owing to the continued ban on alcohol sales. The EU is South Africa’s biggest trading partner and the economic... →

Absa revises GDP forecast on better-than-expected data

By: Donna Slater 4th August 2020 Based on better-than-expected data arising from the first and second quarters of the year, financial services company Absa has revised down its forecast for the gross domestic product (GDP) contraction this year from 9.7% previously, to 8.3%. However, Absa notes that taking into account the... →

Solidarity Fund ramps up farming, food assistance

By: Marleny Arnoldi 31st July 2020 South Africa’s national Solidarity Fund has ramped up its efforts to bring relief to those most affected by the Covid-19 pandemic. The fund has been focusing its efforts since its inception in March on humanitarian efforts, as well as medical supplies, but food relief and gender-based violence... →

Difficult times ahead for property sector

By: Darren Parker 31st July 2020 Following the significant challenges because of the Covid-19 outbreak, the outlook for the South African commercial and industrial property sector for next year remains somewhat bleak, says South African Property Owners Association (Sapoa) CEO Neil Gopal. Since the start of the national lockdown... →

NEIL GOPAL There needs to be urgent intervention at local municipal level

Economic recovery interventions present hope

By: Darren Parker 31st July 2020 South African Institute of Black Property Practitioners (SAIBPP) CEO Vuyiswa Mutshekwane says it is encouraging to already see a number of the proposals being put into practice from the SAIBPP’s 10-point plan to catalyse economic development and drive the post-lockdown economic recovery. The... →

VUYISWA MUTSHEKWANE It is not business as usual and things are unlikely to return to normal anytime soon

With IMF loan granted, govt has a chance to embed pro-growth economic reforms

By: Marleny Arnoldi 28th July 2020 North West University Business School economist Professor Raymond Parsons says the timing of the International Monetary Fund’s (IMF’s) loan to South Africa again emphasises the extent to which the country has reached a defining fork in the road in dealing with challenges and that a clear sense of... →

Gauteng Premier recovers from Covid-19, resumes duties

By: Sane Dhlamini 23rd July 2020 Gauteng Premier David Makhura has recovered from the novel coronavirus and has already resumed his official duties by joining Thursday’s virtual sitting of the Gauteng Provincial Legislature, where the Adjustment Budget was tabled as part of the province’s Covid-19 response. He expressed his... →

Gauteng Premier David Makhura

AfDB approves R5bn loan for South Africa's Covid-19 fight

By: Donna Slater 23rd July 2020 The African Development Bank (AfDB) board has approved a loan of about R5-billion ($288-million) to the government of South Africa, as the country battles one of the largest Covid-19 caseloads in the world. The loan forms part of the AfDB’s $10-billion Covid-19 Response Facility and will finance... →

Agri SA bemoans agriculture programme budget cuts

By: Marleny Arnoldi 22nd July 2020 Industry body Agri SA says the Department of Agriculture, Land Reform and Rural Development’s salary bill should be cut by a higher amount rather than the cuts announced in funding for programmes for food security, land reform, production aid, infrastructure and rural development. “Scaling down... →

CW report highlights impact of corruption in health sector

By: Sane Dhlamini 22nd July 2020 Not for profit organisation Corruption Watch (CW) on Wednesday released its ‘X-Ray: The critical state of the health sector in SA’ report which aims to uncover the impact of corruption in the healthcare sector. The report demonstrates how people who are reliant on public health facilities in... →

Sars losing out on R5bn in excise duties, says alcohol industry

By: Marleny Arnoldi 20th July 2020 The renewed prohibition of alcohol sales has resulted in the South African alcohol industry having no choice but to apply for a deferment of payment of excise duties to the South African Revenue Service (Sars) valued at R5-billion for July and August. In a statement issued on behalf of the... →

DMRE budget slashed by R1.5bn

By: Donna Slater 14th July 2020 The Department of Mineral Resources and Energy’s (DMRE’S) budget for the 2020/21 financial year has been reduced by R1.5-billion, from the initial R9.3-billion, owing to the impact of the Covid-19 pandemic, taking the revised yearly budget for the financial year to R7.8-billion. The Portfolio... →

CoJ council has until Friday to approve budget

By: Sane Dhlamini 6th July 2020 Gauteng Cooperative Governance MEC Lebogang Maile has urged the City of Johannesburg Municipal Council to put the interest of the residents of the City first following its failure to approve an annual budget for the start of the municipal financial year 2020/21. The Gauteng Provincial Executive... →

Roles of govt, business in restarting economy need clearer definition, says BLSA

By: Donna Slater 6th July 2020 In her weekly newsletter, Business Leadership South Africa (BLSA) CEO Busi Mavuso says a clearer perspective of the roles and responsibilities of business and government needs to be established as the country grapples with restarting its economy. She notes that, on one level, there are common... →

Photo by Creamer Media's Donna Slater
BLSA CEO Busi Mavuso

Treasury warns public finances dangerously overstretched

By: African News Agency 26th June 2020 South Africa's finances are overstretched and unable to weather another severe shock, a senior National Treasury official warned on Thursday. "We are now in a position where we are dangerously overstretched in our public finances," Edgar Sishi, the acting head of the treasury's budget office,... →

Finance Minister Tito Mboweni

South Africa too rich for relief even as fiscal reckoning looms

By: Bloomberg 25th June 2020 Too rich for debt relief available to most African nations and hobbled by its politics, South Africa is facing a public financing crisis. Debt levels will continue to rise, peaking in 2024 and only dipping back below 80% of gross domestic product by 2028, according to the supplementary budget... →

Covid-19 has exposed weaknesses in our communities – Dlamini-Zuma

By: Sane Dhlamini 23rd June 2020 Cooperative Governance and Traditional Affairs (Cogta) Minister Dr Nkosazana Dlamini-Zuma on Tuesday declared that the coronavirus (Covid-19) pandemic has exposed the weaknesses and deep fault lines in basic services, infrastructure, poverty and hunger, as well as in economic activities in rural... →

Cogta Minister Nkosazana Dlamini-Zuma

No quick fixes for economy – Ramaphosa

By: Sane Dhlamini 22nd June 2020 President Cyril Ramaphosa warned on Monday that there would be no quick fixes for the economy as government gears up to launch its Sustainable Infrastructure Development Symposium on Tuesday. The Sidssa is organised by the Investment and Infrastructure Office within The Presidency and it is... →

President Cyril Ramaphosa

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