Finance minister Enoch Godongwana faces the task of incorporating a credible debt relief plan for the stricken state power utility in the national budget while stabilising government finances as record blackouts weigh on the economy. The minister said in October the state will absorb between one- and two-thirds of Eskom’s liabilities of about R400bn. The amount and some of the transfer terms are likely to be announced in his budget […]
Trade union federation Cosatu has labelled the 2020 Budget "provocative", saying that instead of a clear diagnosis of the problems facing SA, National Treasury attempted to "dump the bill for industrial-scale looting on public servants". A key item in the Budget was a proposal to cut the state's wage bill by R160.2 billion over three years. Treasury proposed cuts of R37.8 billion in 2020/21, R54.9 billion in 2021/22 and R67.5 […]
The Spanish manufacturer of Prasa's controversial Afro4000 locomotives failed to disclose payments of over R75m made to a former colleague and "friend" of the embattled state-owned company's former CEO, after National Treasury asked the European rail company about its financial ties with local "subcontractors" and "partners". News24 can today reveal that Vossloh España, the supplier of the ill-fated trains to the Passenger Rail Agency (Prasa), paid altogether R75m to S-Investments, […]
Finance Minister Malusi Gigaba on Thursday denied that the recent Cabinet reshuffle which saw him catapulted to head up National Treasury had weakened the rand against other currencies. This comes after the rand went in freefall on 30 March, plummeting four percent to R13.29 to the US dollar, following the news that President Jacob Zuma had fired Pravin Gordhan as well as his deputy Mcebisi Jonas. Speaking on the topic […]
Civil society groups will gather outside the offices of the National Treasury in Pretoria on Monday morning. This in protest against what they call attacks on the Treasury and State capture. The protest follows President Jacob Zuma's cabinet reshuffle which included axing of Finance Minister Pravin Gordan and his deputy Mcebisi Jonas. Zuma has since appointed Malusi Gigaba and Sfiso Buthelezi as Finance Minister and deputy minister respectively. “We are […]
As the focus within South Africa has largely been directed toward the on-going #FeesMustFall protests, chaos within National Treasury appears to have taken a backseat. Over the past few months, embattled finance minister, Pravin Gordhan has been fanning flames of his alleged contravention of the National Strategic Intelligence Act and the Public Finance Management Act. The allegations are related to his approval of former South African Revenue Service (SARS) commissioner […]
The recent debate by National Treasury around the feasibility of VAT exemptions on sanitary products called to the fore the fact that thousands of impoverished women who are unable to afford sanitary products, battle to go about their lives. In response, one organization has headed their call and developed a product that will provide menstruating pupils the ease to continue attending school. Dignity Dreams, a non-government organization (NGO), has developed […]
VOC became the first Muslim radio station in South Africa when a special events license was granted to the station in Ramadan/January 1995. Subsequent temporary broadcast licenses were granted, permitting the station to broadcast for 24 hours.
