Streaming issues? Report here
Temp 702 logo 1000 x 1000 2020 Temp 702 logo 1000 x 1000 2020
Best of 702
00:00 - 06:00
volume_up
volume_mute

Up Next: Weekend Breakfast with Refiloe Mpakanyane
See full line-up
Best of 702
00:00 - 06:00
Home
arrow_forward
Politics

[LISTEN] Minister Ebrahim Patel gives a breakdown of his #BudgetVote2018 speech

10 May 2018 9:24 PM
Tags:
Economic Development Minister Ebrahim Patel
Department of Economic Development
Budget vote speech

The minister presented the department's budget for the new financial year in parliament on Thursday .

Economic Development Minister Ebrahim Patel presented the budget for the new financial year in parliament on Thursday .

The R1.07 billion budget will see the the Competition Commission receive R282 million. The commission will target 100 cases of uncompetitive behaviour by business cartels over the next year.

The commission will also consider a projected 400 mergers and take on two abuse of dominance cases.

Patel joined Karima Brown on-air on Thursday to explain some of the main objectives mentioned in the budget speech.

He had this to say about the focus on business cartels:

One may say but hang on why use competition policy to pursue transformation. I would point to the fact that that is an integral part of the competition act. It is a clear objective of the act, to build an economy that is not only a strong economy but a transformed economy.

Ebrahim Patel, Minister of Economic Development

Cartels damage economic growth. Economists would say they capture unearned rent.

Ebrahim Patel, Minister of Economic Development

The Budget will be distributed as follows:

-R282m for the Competition Commission, to do its work to open up the economy for all

  • R240m raised from the construction industry, for the new Tirisano Fund, to finance transformation, including support for black artisans and engineers, small builders and infrastructure
  • R229m for the small enterprise finance agency to make loans available to small and micro enterprises

  • R140m for the Department to unblock investment, provide oversight of agencies and support the alignment of policy

  • R102m for the International Trade Administration Commission to pay for the trade investigations and systems that we need for import and export controls

    • R35m for the Competition Tribunal

    • R30m for a Steel Competitiveness Fund1 to rejuvenate the steel industry, which lies at the foundation of any nation’s industrialisation

    R15m for the PICC to monitor the spending and construction in the state’s infrastructure plan2 .

Speaking on the effect of corruption on the economy, Patel says jobs that would have been created were lost.

What we found out of that is the effect was quite devastating on the economy, It meant that GDP growth would be significantly lower and the jobs that would have been created otherwise are lost, and some 76 000 of those jobs.

Ebrahim Patel, Minister of Economic Development

Click on the link below to listen to the full conversation....


10 May 2018 9:24 PM
Tags:
Economic Development Minister Ebrahim Patel
Department of Economic Development
Budget vote speech

More from Politics

Defiant Magashule throws down gauntlet as ANC NEC holds special meeting

8 May 2021 9:47 AM

The ANC’s national executive committee (NEC) will hold a special meeting from Saturday to Monday where it is expected to discuss COVID-19 and vaccines, the upcoming local government elections, the integrity commission’s reports and the controversial step aside resolution.

Share this:
Read More arrow_forward

DA politician Solly Msimanga injured in a brawl

6 May 2021 8:31 PM

A video showing a bleeding Solly Msimanga has now made its way to social medial platforms..

Share this:
Read More arrow_forward

Report that Eskom doesn't want Karpowership deal 'pure speculation' says govt

6 May 2021 8:17 PM

Signing up for the Karpowerships would be irresponsible and irrational, says energy expert Clyde Mallinson on The Money Show

Share this:
Read More arrow_forward

Ace Magashule is suspended, Cyril Ramaphosa is not suspended - Pule Mabe

6 May 2021 1:01 PM

African National Congress spokesperson Pule Mabe says no one in the governing party can act on their individual accord.

Share this:
Read More arrow_forward

ANC's Ramaphosa says Magashule suspension letter left him 'shocked and dismayed'

6 May 2021 12:06 PM

Ramaphosa, who addressed the party’s caucus on Thursday morning, said that he received the letter of suspension from Magashule on Wednesday night.

Share this:
Read More arrow_forward

Pandor: All corrupt ANC officials must go to jail

6 May 2021 8:55 AM

ANC NEC member Naledi Pandor was responding to the suspension of Ace Magashule during an interview with CNN. She said that President Cyril Ramaphosa is trying to address the 'absence of ethics and integrity' in the country.

Share this:
Read More arrow_forward

ANC serves Ace Magashule with suspension letter

5 May 2021 4:00 PM

Eyewitness News can reveal the embattled ANC secretary general has received communication signed off by his deputy Jessie Duarte informing him of his suspension.

Share this:
Read More arrow_forward

Geoff Makhubo: We want an error-free billing system in City of Joburg

5 May 2021 1:34 PM

City of Joburg Mayor Geoff Makhubo answers questions from callers on his plans for the city.

Share this:
Read More arrow_forward

'Mabuyakhulu is a compromised candidate, they knew he might evaporate from PEC'

5 May 2021 1:32 PM

Political analyst Xolani Dude and Eyewitness News senior politics journalist Tshidi Madia comment on developments in the ANC.

Share this:
Read More arrow_forward

Ramaphosa: Poor, unemployed and working class South Africans are top of mind

1 May 2021 5:10 PM

Cyril Ramaphosa spoke at the virtual Cosatu Workers’ Day celebrations organised by the trade union in Braamfontein on Saturday.

Share this:
Read More arrow_forward