On 13 August National Treasury announced that measures being considered for igniting economic growth would be funded through the reprioritisation of existing budgetary resources. Further details will be announced by the President in due in course.
The media statement followed the President’s statement to the nation on 31 July in which he made it clear that the funding for measures being considered to ignite economic growth would be done in a manner that ensured that government maintained fiscal prudence.
Consideration of the funding for these measures will be done through normal budgetary processes, which include preparatory work and presentation of recommendations by National Treasury to the Ministers’ Committee on the Budget and a Cabinet subcommittee chaired by the Minister of Finance, which in turn makes recommendations to Cabinet.