Government is taking “concrete steps” steps to reduce the effects of the negative global economic downturn on the local economy, according to president Jacob Zuma who tabled his Presidency Budget Vote in the National Assembly yesterday afternoon (Wednesday).
He pointed out that the global economy remained a difficult and uncertain environment, adding: “We have not sat idly since then waiting for the storm to pass. We have taken concrete measures to reduce the negative impact of the global economic downturn on our economy, and to prepare for robust growth when the economic cycle turns positive. We are also working hard to remove domestic impediments to growth.”
Zuma said some “key action points” had been identified at the meeting that he convened with CEOs of key companies in Cape Town ahead of his State of the Nation Address in February. This included the establishment of a private and public sector task team headed by finance minister, Pravin Gordhan, and Business Unity SA president, Jabu Mabuza.
Zuma said he would convene a report-back meeting soon to allow all stakeholders to take stock of the progress made.
“I will also convene a high-level meeting with labour soon to discuss economic challenges and solutions so that we can all move together in building a better life for all. We postponed two meetings recently due to clashing schedules,” he said.
Zuma added that as part of government’s efforts to reignite growth it had also been “vigorously” implementing the Nine Point Plan, with energy remaining high on the agenda.
“During last year's Presidency Budget Vote debate our country was facing an acute energy challenge. We have made remarkable progress since then. Recently, the CEO of Eskom, Brian Molefe, announced that in five years' time South Africa would have surplus electricity,” he said.
