Treasury: Adhering to NDPDate posted: 09.07.2014 | Author: Harry Bovensmann
Minister of Finance, Nhlanhla Musa Nene, presented the Performance plan 2014/2018 in parliament promising to adhere to the National Development Plan (NDP). The presentation was given to the Standing Committee on Finance in National Assembly.
The Economy was growing at a moderate pace and performing below expectations. Further, the minister the projected that a growth rate figure would be published in the Medium Term Budget Policy Statement (MTBPS). To advance the poor and eradicate poverty, South Africa must grow at a higher rate. With reference to the SA Revenue Service’s (SARS’s) strategic plan, the minister said it had been developed at a time with better global outlook on economic growth. SARS is expecting to revenues of R1 trillion. The Minister said the volume of national government debt would increase from R1.4 trillion to R2 trillion in 2016/17, which was equivalent to 43% of Gross Domestic Product (GDP).
The present Director General referred to a reform of the financial sector aiming the sector to be more tightly regulated. Treasury intends an upgrade of the management of the financial systems to allow government a better s supply chain management. “The chief procurement officer”, a new office, had been given an elevated function and reforms would centralise procurement to reduce leakage and waste of money.
Additionally, it was announced that
- Some of the arrangements with BRICS member states would be made priorities – among those is the establishment of a bank and a pool of virtual reserves;
- The management and processing of civil and military pensions will be modernised;
- There would be a technical support programme for infrastructure projects provided by a Government Technical Advisory Centre (GTAC).