Led by Finance Minister Enoch Godongwana, Treasury briefed members of Parliament following the delivery of his Medium Term Budget Policy Statement on Wednesday.
During his speech, Godongwana also announced that government is offering early retirement to some 30 000 public servants in an effort to Pieterse says to deal with any unforeseen occurrences, Treasury plans to increase the contingency reserve. “Whether it’s the wage bill or any other spending pressures that are unforeseen…what we have done as part of this fiscal framework is to slightly increase the contingency reserve. Coming to questions about dealing with disasters and to cater for it going forward, it looks at a path of contingency reserve. Increased, it was R5 billion this year, increased to over R7 billion and it reaches close to R20 billion in the outer year.
Meanwhile, the Finance Minister has repeated that this year’s policy statement is focusing on managing government’s debt and debt servicing costs. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.