Finance Minister Enoch Godongwana says the R11-billion Development Policy Loan, recently obtained the from the World Bank, has been obtained under very favourable conditions.
The Minister says the loan would help the country service its current budget deficit.
During a Parliamentary briefing earlier today, Godongwana said Government needs to raise around R630-billion to service its budgetary obligations.
He says Government is raising funds from various sources.
Follow the full Parliamentary briefing here.
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“The World Bank loan has a cheaper interest rate. The Bank also gave us a repayment holiday of 3 years on the loan. So that is the rationale behind taking this loan,” Minister Godongwana responding to questions in @ParliamentofRSA on $750million World Bank Development Policy Loan
— National Treasury (@TreasuryRSA) February 1, 2022
“We need to raise R630bn. The World Bank’s R11bn loan is part of this. We are raising this money from various sources, including Development Finance Institutions such as the New Development Bank and others, not just the World Bank,” Minister Godongwana briefing @ParliamentofRSA
— National Treasury (@TreasuryRSA) February 1, 2022
More than R900-million has been allocated by National Treasury to the South African Police Service and the National Defence Force to bring about peace and stability after the recent protests and looting in Gauteng and KwaZulu-Natal.
Finance Minister Tito Mboweni says the assistance comes in response to President Cyril Ramaphosa’s recent calls to better equip the country’s law-enforcement agencies to respond to protests.
Mboweni says R250-million has been allocated to SAPS, while R700-million has been allocated to the SANDF.
He says damages to buildings and infrastructure amounted to billions of Rand.
Read the Minister’s full statement here.
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- South Africans may in future have access to retirement-savings to service debt.
- SARB urges residents to not use/accept stained banknotes.
- Ramaphosa: South Africans’ greatest strength is to unite in the face of a common threat.
— National Treasury (@TreasuryRSA) July 28, 2021
Minister @tito_mboweni to brief the media on the economic support package as announced by @PresidencyZA https://t.co/aTgwW9dn38
— National Treasury (@TreasuryRSA) July 28, 2021
National Treasury is now in talks with several role-players to, in future, allow South Africans to access a portion of their retirement savings, to help them weather the Covid-19 pandemic.
According to Minister Tito Mboweni, the matter has already been discussed at several levels of government.
He says the initiative would allow workers, whose cash-flows have been negatively affected by the lockdown, have access to much-needed funds, to pay expenses that have been piling up.
The amendment to the Pension Funds Act will enable pension fund members to leverage this asset to their own benefit.
Read the Minister’s statement here.
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- SARB urges residents to not use/accept stained banknotes.
- Suppliers warned against inflating prices after looting and public protests.
- Ramaphosa: South Africans’ greatest strength is to unite in the face of a common threat.
Minister @tito_mboweni to brief the media on the economic support package as announced by @PresidencyZA https://t.co/aTgwW9dn38
— National Treasury (@TreasuryRSA) July 28, 2021
Media Statement on Minister @tito_mboweni's media briefing on economic support package as announced by @PresidencyZA. For the full statement and supporting Annexure click here: https://t.co/5wDMcj9opv pic.twitter.com/3EXMIJF1sA
— National Treasury (@TreasuryRSA) July 28, 2021
Minister of Social Development, Lindiwe Zulu says her Department is engaged in talks with Government and National Treasury to see if the special Covid-19 grants, allocated to needy South Africans over the past year, could be extended.
The Minister delivered her 2021/2022 Budget Vote in Parliament this week.
She spoke to ENCA and said the R350 covid-19 Social Relief of Distress grant, in particular, reached millions of people across the country.
She says this grant came to an end in April.
Zulu says many South Africans desperately need the grants to survive.
Read more here.
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MINI PLENARIES (VIRTUAL) https://t.co/gSw80qFEPE
— Parliament of RSA (@ParliamentofRSA) May 25, 2021
