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Treasury moving ahead with establishing a state bank but there is skepticism

4 May 2021 5:19 PM
Tags:
African economy
Debt
David Masondo

Eyewitness News parliamentary correspondent News Babalo Ndenze says plans are afoot to ensure structural reforms are implemented.

Treasury has warned South Africans to expect another tough economic year as it continued to service massive debt.

The finance department shared a bleak outlook in a briefing on its annual performance plan to Parliament’s Standing Committee on Finance.

Eyewitness News parliamentary correspondent Babalo Ndenze says Deputy Finance Minister David Masondo made it clear that COVID-19 was the centre of the current economic battles South Africa is currently facing.

We know that the Treasury already gave a budget that was tabled in February this year and later passed by Parliament but as for the performance plan, the Treasury does not have good news.

Babalo Ndenze, Parliamentary Correspondent - EWN

David Masondo and Director-General Dondo Mogajane told the standing committee of finance, that there are working hard to ensure that these structural reforms the president mentioned last year will be implemented, for example, the 'state bank'.

Babalo Ndenze, Parliamentary Correspondent - EWN

RELATED: Sub-Saharan Africa will have the slowest growing economies in the world in 2021

Ndenze added that Treasury mentioned that they will be moving ahead with the State Banks in 2021, in order to assist South Africans who need financial assistance. This was met with anger by the members of the opposition who felt that the state bank was promised three years ago without any implementation.

They are moving ahead with the state bank to assist a lot of South Africans as far as receiving financial assistance.

Babalo Ndenze, Parliamentary Correspondent - EWN

There are some members who are upset, basically accusing the Treasury of lying about this matter and feel like there is no need to mention it if there are not going to do anything.

Babalo Ndenze, Parliamentary Correspondent - EWN

Listen below for the full interview...




4 May 2021 5:19 PM
Tags:
African economy
Debt
David Masondo

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