Cape Town - Finance Minister Enoch Godongwana has called on the country to redouble its efforts to revive the economy amid the latest statistics showing the economy contracted by 1.5% and unemployment has increased to its highest level at 34.9%.
Godongwana said these were tough times and government was implementing structural reforms in the economy and this would enable it to get back on track.
The minister, who was speaking in Parliament on Friday during the approval of the Budget, said the medium-term budget policy statement was giving direction to the economy.
“We have got to redouble our efforts in reconstructing and in stimulating the recovery of our economy. Parallel to that we must continue to save lives in the context of this fourth wave of the virus. It becomes critical that we keep our eyes on the ball and focus on saving lives,” said Godongwana.
He reiterated his call that crime was becoming a problem and a threat to the economy if it was not addressed.
Crime levels were impacting on the growth of the economy, said Godongwana.
The government was also implementing structural reforms of the economy that would lead to economic growth.
Godongwana said the government had allowed for 100MW of power to be generated by private businesses.
They were also introducing reforms in the rail sector by introducing a third party to run the railway line.
They were committing to resolving the issue of the allocation of the spectrum by March.
These were some of the key structural reforms in the economy, he said.
Political Bureau