Thursday, March 23, 2023

SA’s 27% unemployment tops spending priorities-MTBPS

Job creation, which has escalated to an alarming all-time high of 27 percent, and small business development top the list of South Africa’s spending priorities.

This is contained in the Medium Term Budget Policy Statement (MTBPS), delivered by the country’s Finance Minister, Malusi Gigaba, in Cape Town this afternoon.

The MTBPS states that Cabinet approved a Mandate Paper in August to guide the spending choices of national government. It further states that this was done to strengthen the alignment of the national budget, the medium-term strategic framework and the National Development Plan (NDP) during the remaining term of the current administration.

The proposed seven expenditure priorities are as follows:

  • Job creation and small business development
  • Youth development
  • Infrastructure expansion and maintenance
  • Land reform, smallholder farmer and agriculture development
  • Comprehensive social security, education and skills
  • An integrated plan to fight crime
  • Advancing the national interest in the Southern African Development Community, throughout Africa, and through participation in the BRICS (Brazil, Russia, India, China and South Africa) bloc and the Indian Ocean Rim Association.

Credit: CNBC Africa

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