How South Africa National Treasury Intends to Protect Poor Households
According to Finance Minister Enoch Godongwana, the government is considering a wide range of actions in an effort to lessen the burden of the skyrocketing cost of living on disadvantaged households.
On Wednesday, when ministers from the Economic Cluster appeared before the National Assembly, the Minister made the remarks in response to inquiries from lawmakers.
What steps National Treasury was taking in this regard was questioned of Godongwana. He claimed that due to rising fuel prices, the government has recently reduced and halted the general fuel fee. In response to the COVID-19 pandemic, the government also established the Social Relief of Distress Grant for the unemployed.
In our own circumstances, we must concentrate primarily on what is referred to as a comprehensive social security, of which income support is but one component. Social insurance on a certain level needs to be well coordinated.
“We need to synchronize the aggressive labor market initiatives.”
The World Bank has also carried out some research to examine the main labor market operations in South Africa.
“As part of that strategy, income support needs to be located. The proper level of income support that we should [give] as part of that larger social security compact is currently the subject of negotiations, according to Godongwana.
Electricity
The Minister was also questioned on National Treasury’s plans to lessen the impact load shedding is now having on food costs.
This is going to “be challenging,” he warned, until load shedding is handled.
“How to reduce the impact on revenue is what we are analyzing. What types of income support mechanisms do we need to provide, in other words, to help disadvantaged communities That is the only route, he declared.
Second, he added, avoiding load shedding is the long-term objective.
“The administration is focusing on that element. We formed a committee. Three members of that committee are seated in this room (in Parliament) while they study the nation’s economic electricity dilemma.
Godongwana cited the loading of Eskom’s 46 000MW capacity onto the grid as a crucial component of that.
He emphasized that officials are investigating various income assistance measures, and if they become viable, proposals would be presented at the Medium Term Budget Policy Statement next month (MTBPS).
Financial misdeeds
Godongwana said that the Cabinet has prioritized taking corrective action to rectify the flaws found in the nation’s anti-money laundering and counterterrorism financing initiatives.
The Financial Action Task Force, a multinational organization that monitors money laundering and terrorism financing, found the flaws. In this sense, South Africa has until February 2023 to avoid being placed on a grey list.
Godongwana cited the loading of Eskom’s 46 000MW capacity onto the grid as a crucial component of that.
He emphasized that officials are investigating various income assistance measures, and if they become viable, proposals would be presented at the Medium Term Budget Policy Statement next month (MTBPS).
Financial misdeeds
Godongwana said that the Cabinet has prioritized taking corrective action to rectify the flaws found in the nation’s anti-money laundering and counterterrorism financing initiatives.
The Financial Action Task Force, a multinational organization that monitors money laundering and terrorism financing, found the flaws. In this sense, South Africa has until February 2023 to avoid being placed on a grey list.
“However, our work isn’t done after these two laws are signed into law. By reaching the results anticipated of a well-performing anti-money laundering and terrorist financing system, we must also show more effectiveness, he added.
