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Finance Minister Tito Mboweni said the social grants budget has been reduced by 2.2% while the number of beneficiaries is expected to increase by 300 000 people.
Economic reforms showing progress
Mboweni said the country’s structural economic reforms are showing progress, which should overcome the weaknesses which limit economic growth.
He seemed particularly proud of operation Vulindlela, which was introduced last year with the goal of accelerating the pace of high impact reforms.
“I want to thank my Cabinet colleagues for their support of Operation Vulindlela and assure members that Deputy Minister Dr David Masondo and the team from the Presidency and National Treasury remain hard at work with the relevant departments to ensure that implementation of the remaining reforms is appropriately funded and accelerated.”
The minister promised lowered barriers to entry, raised productivity and lowered costs of doing business.
FULL SPEECH: Tito Mboweni’s 2021 Budget Finance Minister Tito Mboweni delivered his 2021 Budget Speech amid an economy ravaged by COVID-19 and the associated lockdowns. Finance Minister Tito Mboweni delivers his Budget speech in Parliament on 24 February 2021. Picture: GCIS.
Today I table before this House:
2021 Appropriation Bill
The Budget Review
Madam Speaker last year we outlined a strategy to becoming a winning country.
Since then, we have mourned the passing of nearly 50 000 of our fellow South Africans as a result of the Covid-19 pandemic. The damage caused by Covid-19 runs deep and we share in the collective pain of many South Africans who have lost their jobs.