Preview of Gauteng Provincial Budget Speech
All eyes will be on the Gauteng province to see how they tackle the tough economic growth affecting the country.
Finance MEC Barbara Creecy will table her 2016/17 budget speech. The budget will provide a detailed breakdown of how the provincial government will use available resources to fund key priorities in the financial year.
During the State of the Province address, Premier David Makhura outlined plans and interventions saying the current structure of the economy to privilege manufacturing should be changed.
He also mentioned how the province needs to invest more on the SMME sector which has become the driver of the mainstream economy such as the township economy.
Creecy is expected to reiterate the call to build transformative partnerships between the private and the public sector in efforts to addressing challenges raised by the National development Plan
Gauteng remains South Africa’s economic hub with a R1.1 trillion economy and 35.1% of the GDP.
While presenting her budget last year – Creecy presented a provincial budget of R95.3 billion for 2015/16, up from the 2014/15 budget of R89.8bn.
Education received the lion share of R36bn while Health received a R34bn which and included R34m over three years to recapitalise the emergency services fleet. Social Development was allocated R4billion to strengthen substance-abuse interventions.
The province’s focus remains on the five development corridors, and the minister will outline how much they have allocated for that in the next three years.
In October during the mini budget speech – Creecy also announced that the department had cut R5 billions of government spending in 2015 to compensate for the R64 billion public sector wage agreement.
Keneiloe Huma – Kaya FM News