In a recent post-Cabinet briefing, Minister in the Presidency Khumbudzo Ntshavheni expressed the South African government’s unwavering confidence in the 2024 National Budget’s potential to stimulate significant economic growth and bolster the nation’s economic position. The budget reflects the government’s steadfast commitment to managing the economy effectively while making tough decisions to address the deficit and promote growth.
Ntshavheni emphasized the importance of the National Budget within South Africa’s democratic framework, highlighting its role in fostering transparency and accountability. The Cabinet believes that the budget allocations will translate into tangible economic gains, contributing to the country’s economic recovery and advancement.
One of the key aspects of the budget is its focus on addressing critical priorities and providing support to vulnerable segments of society. It includes provisions for social assistance aimed at improving the living conditions of disadvantaged South Africans, including the unemployed and orphaned children in vulnerable households.
Additionally, the Cabinet welcomed a groundbreaking public-private partnership between Sasol and Transnet Freight Rail, aimed at enhancing the reliability of rail transport. This partnership, spanning five years, entails Transnet Freight Rail utilizing its fleet to deliver ammonia from Sasol facilities to customers, with Sasol funding the maintenance and repair program of the fleet. The collaboration aligns with the country’s Freight Logistics Roadmap and underscores the potential of joint efforts in overcoming challenges.
Addressing the findings of Statistics South Africa’s Quarterly Labour Force Survey (QLFS), Minister Ntshavheni reiterated the government’s commitment to intensifying efforts to create employment opportunities. While the survey indicated a slight increase in the unemployment rate, it also revealed growth in various sectors, including the informal sector, finance, transport, mining, and private households. Cabinet has called upon all sectors to support the Economic Reconstruction and Recovery Plan, which aims to provide employment and livelihood opportunities to millions of South Africans.
This comprehensive approach underscores the government’s dedication to fostering economic growth, addressing unemployment, and improving the overall well-being of its citizens. Through strategic budget allocations, public-private partnerships, and concerted efforts to create job opportunities, South Africa is poised to overcome challenges and realize its economic potential.
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