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