Posts tagged with 'Finance Minister'

 

#CelebrityDespots Why Do Black Eskom Workers Love Brain Molefe, Who Helped Guptas Plunder Transnet & Put Eskom R450 BILLION in Debt & Was Paid R2 Million a Month Pension?

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AFRICANS LOVE THEIR DESPOTS: Black Eskom Workers who are members of the Government Pension Scheme and the powerful COSATU trade union, are allowing (unwittingly or not) Cosatu to allow the ANC regime to grab R254 Billion from their own pension fund, the GEPF, and they even supported Brian Molefe, ex Eskom CEO, who helped the Guptas put Eskom into R450 Billion debt, with song and dance!

Reminiscent of the poor downtrodden Zimbabweans, who despite being oppressed and fleeced by Mugabe, still hailed him as the “Lion of Africa”, the jubilant crowd consisting of hundreds of black Eskom workers, welcomed Brian Molefe back to Megawatt Park after he was appointed Eskom CEO for the second time back in May 2017.

His re-appointment followed after his quickly arranged 3 month stint as Parliamentarian. Molefe was already well known as the chief Gupta enabler in his positions as Transnet and Eskom CEO at the time of his thunderous welcome back to Megawatt Park. This after Mole
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SA debt burden sky-high, municipalities bankrupt, SOE’s a huge burden on taxpayers’ shoulders, and ANC regime not capable to find solutions that are feasible and effective

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Finance Minister, Tito Mboweni issued a cold warning Wednesday in his Medium Term Budgetary Framework (MTBR), and said if action is not taken urgently, South Africa could end up in a debt trap, with rising interest payments on debt, higher interest rates and even higher unemployment. This admonition comes amid a sharp lower adjustment in the expected economic growth for this year – from 1.5% in February’s budget to just 0.5%.

Minister Mboweni painted a dark picture, but not as dark as it should be, economists say.

Rating agencies may welcome its offering, and markets may be somewhat upset about its view of certain aspects of growth and debt burden.

But it also ends there, because the same agencies and markets may react negatively because Mboweni provided a clear lack of broader details on how all the chaos would be reversed.

A shocking interim budget has hit South Africa because with a promise of a budget and growth that is 2% higher over the next three yea
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59 billion bailout just been granted to struggling Eskom

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The National Assembly voted in favor of a special allocation bill on Tuesday that allows a bailout of R59 billion to struggling Eskom.

The bill was approved by 200 votes to 105 with ANC MPs believing the bill is essential to keep the lights on. These MPs argued that many of them grew up in a “permanent state of loadshedding” due to past inequalities.

Others, however, were opposed to this bill.

Nqabayomzi Kwankwa, MP of the United Democratic Movement (UDM), said it was astonishing that MPs were asked to “throw money at the problem” after Eskom reportedly paid R4bn to suppliers too much.

Eskom is about R500bn in the red.

DA Ashor Sarupen said Eskom seems to be burning money instead of coal. “Every citizen is a hostage of Eskom. We are hostages to the power cuts that cause huge economic losses. We are hostages to their bail requirements. We are hostages to their endless management crises, ”says Sarupen.

Wouter Wessels, FF Plus MP and chief spokespers
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Tito finds himself in a social storm after admitting that too many Africans were appointed to govern South Africa effectively

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Finance Minister, Tito Mboweni finds himself in a social storm after admitting in a radio interview that appointments in government departments are not representative.

According to him, the country cannot be regarded as a democratic, non-racial, non-sexist community.

According to observers, he said tacitly that too many Africans were appointed who could not do the job. He further stated that state ownership should not be regarded as a religion and that the government should dispose of what is currently the economy.

Read the original article in Afrikaans on Die Vryburger

This report does not necessarily reflect the opinion of SA- news

 

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The ANC targets Reserve Bank mandate, they want a more flexible monetary policy

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A review of the SA Reserve Bank mandate features in the ANC’s election manifesto, which brushes off the push for nationalisation, but instead drives for a more flexible monetary policy.

At the party’s election manifesto launch in Durban on Saturday, the ANC finally elevated the debate to possible government policy, some years after the status of the Reserve Bank became a contentious subject within the party.

The commitment has placed an obligation on the ANC to implement the decision should it win the May general election.

The Reserve Bank is a public institution but it has an independent mandate.

Echoing the delegates at the party’s 2017 Nasrec national conference in Johannesburg, the ANC’s manifesto states the Reserve Bank should pursue a flexible monetary policy regime, aligned with the objectives of the party’s programmes.

This was to be done “without sacrificing the price stability, but redirecting monetary policy
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With SA’s economy unable to grow by 1% under the current dispensation, Finance Minister’s new plans will also fail

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Finance Minister Tito Mboweni has invested a huge meeting of so-called experts to come forward with new plans to reverse the country’s decline.

The event presented at the Reserve Bank Conference Center began with Mboweni’s explanation aimed at requesting experts to propose new models that will boost the economy.

He says the ANC cabinet has often had discussions on the subject, but observers say it is clear that the ANC is hopelessly ignorant to take any vigorous steps to stimulate the economy.

Even World Bank representatives are present, one of whom has new plans can only be recommended by those who succeed in identifying the errors.

Financial experts say the economic situation will not improve as the ANC continues its black-favored, ground-breaking theft, and poor management, along with large-scale corruption of all departments as well as entities such as Eskom and the SABC.

Experts point out that the ANC has held doze
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