Slow growth mixed with high inflation is 'toxic' for SA - Radebe

2016-04-19 13:58
(iStock)

(iStock)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Cape Town – South Africa has a toxic combination of very slow growth and high inflation, Minister in the Presidency Jeff Radebe said on Tuesday.

Briefing media ahead of the presentation of the Planning, Monitoring and Evaluation Department budget vote in Parliament, he said high inflation had prompted the Monetary Policy committee to raise interest rates which would put growth recovery under pressure.

“Times are hard, but we should not lose heart.”

The minister presented an overview on poverty in the country, as well as education, health, access to basic services and department programmes.

He also detailed some of the successes of the anti-corruption task team, including the conviction of 116 people since 2009.

Radebe also said they would be finalising the ministerial handbook in a month or so.

The department is one of the few that had a budget increase in the Medium Term Expenditure Framework (MTEF).

Additional funding

The department has been allocated additional funding of R218.6m, raising its 2016/17 budget to R827.7m.

This includes a transfer payment to the National Youth Development Agency (NYDA) of R405.8m.

Radebe said the budget increase would be largely to create more capacity, particularly in terms of monitoring the performance of government.

Deputy Minister Buti Manamela said the integrity and credibility of the NYDA had improved.

The NYDA had its first ever clean audit in 2015.

Manamela said they had seen an improvement in the last three years, especially in spending on the salary bill, which had decreased by about R37m.

Read more on:    cape town

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
ADVERTORIAL
Competition regulation for a growing and inclusive economy

ADVERTORIAL: The Competition Commission of South Africa is conducting advocacy work in the South African automotive aftermarket industry and has gazetted a Draft Code of Conduct for public comment.

/Sport
Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.