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BL Premium reports that in his State of the Nation Address (Sona) on Thursday evening, President Cyril Ramaphosa outlined an extensive and ambitious programme for the next five years that promised both expansive public spending as well as a commitment to prudent management of public finances.
In the biggest announcement of the night, he said Eskom would receive a portion of the R230bn in support from government, which was promised at the time of the budget, sooner than anticipated so as to alleviate its financial crisis. He also promised more low cost housing, more police officers, an expansion of the national youth service and a presidency-led initiative to create two-million new jobs for young people over the next 10 years. He moreover reinforced a range of spending commitments made in the February budget. There was scant detail on how the Eskom bailout would work, except that it would now be front-loaded in the first few years. "This we must do because Eskom is too vital to our economy to be allowed to fail," Ramaphosa stated. The president said that government would soon announce a new CEO for Eskom as well as a chief restructuring officer. Ramaphosa put a large emphasis on improving the environment for doing business in SA, in an effort to increase investment, and announced a second investment conference in November. He stated that all the measures outlined would be "underpinned by our strong commitment to a macroeconomic and fiscal policy framework that will continue to boost confidence and investment".
- Read the full original of the report in the above regard by Carol Paton and Genevieve Quintal at BusinessLive (paywall access only)
- Read too, Cyril se superstad en droom van 2 miljoen werkgeleenthede, at Maroela Media
Get other news reports at the SA Labour News home page