South Africa’s 2016 Budget speech highlights
By Matshidiso The moment that South Africans waited for, for a long time finally arrived yesterday. Pravin Gordhan delivered his first speech as the new minister of finance yesterday in Cape. The minister gave a clear allocation of the money and how it is going to be used. The deliverance of the speech was very crucial to the people of South Africa as it changes lives of the residence. The following are the highlights of Minister Pravin Gordhan speech. Gordhan: Government will raise R18.1 billion more from taxes in 2016/17 with an extra R15 billion in the next two years. R475 million to Department of small businesses to help small and medium entrepreneurs and cooperatives. Other cost cutting measures include capital budgeting reforms and the use of new tender portal. More cost cutting measures include reviewing travel and accommodation policies. He went further by saying our economic imperative is to ignite inclusive growth. The budget deficit will fall from 3.2% in 2016/17 financial year to 2.4% the following year. Other cost cutting measures include capital budgeting reforms and the use of new e tender portal. “We`ll have to make some tough decisions about how we run the finances of the country. I can assure you that we are working together on a budget that is credible and can inspire confidence in our country"- Minister Pravin Gordhan on 702 Talk Radio. As South Africans, we are gladly hoping that the address of the budget speech will bring fruitful in come more especially to the youth of South Africa. If we act together for the sake of our beloved country, we will achieve more. “I am fundamentally an optimist. Whether that comes from nature or nurture, I cannot say. Part of being optimistic is keeping one`s head to the sun, one`s feet moving forward. There were many dark moments when my faith in humanity was sorely tested, but I would not and could not give myself up to despair. That way lays defeat and death”. Minister as he quoted Nelson Mandela, long walk to freedom.