CAPE TOWN - SOUTH Africa's economy has been overwhelmed by stagnant economic growth, rising unemployment rates, and increasing debt in recent years.
This has been intensified by the Covid-19 pandemic and the funding of a mass vaccination campaign, augmenting government expenditure.
Business Report's editor and a panel of experts will elaborate on the formation of a State Bank, the role of Raging Agencies in the “New Normal”, and the importance of the media to convey the message via trusted platforms in an online webinar on Friday.
Our panel of experts, Professor Raymond Parsons, Adri Senekal de Wet and Sandile Zungu will give an in-depth analysis of Finance Minister Tito Mboweni's economic recovery plan and expectations of the 2021 Budget.
The Budget speech is important, because it outlines the government's priorities. The Budget allocations are a key indicator of the level of importance the government places on certain issues, such as support for the achievement of higher inclusive economic growth, employment creation, amendments to tax, distribution of revenue across spheres of government and distribution and expenditure across national departments.
Within this context, legislation accompanying the Budget Speech plays a role, namely, the Appropriations Bill and Division of Revenue Bill. The Budget serves as a practical way through which the government's plans and policies are tangibly translated into goods and services.
After the Budget Speech, the Standing Committee on Finance and the Standing Committee on Appropriations along with their counterpart Committees in the NCOP participate with the Finance Minister, Parliamentary Budget Office, and the National Treasury to comment and engage with experts to give effect to the changes and appropriations in the budget. In the dialogue, citizens can influence the budget process, let your voice be heard.
The conversation will be facilitated by Dr Dennis George.