The rest of the allocation from the employment initiative is divided among the transport, arts, sports and culture, health and agricultural sectors.
Government has broadened its financing strategy to include drawing down on sterilisation and foreign currency deposits. We are also borrowing at favourable rates from international finance institutions. The MTBPS Review and Adjusted Estimates of National Expenditure provide greater detail on our fiscal and borrowing plans.
In June, we published the medium-term spending plans and long-term debt projections to spark robust debate on our fiscal path — here in this House, within government, with community activists, with civil society, with the trades union movement, with our provincial and municipal colleagues, on Twitter, with small and big business, and in opinions expressed through media platforms.
We must now rally behind fiscal rehabilitation and growth. Right now, government is borrowing at a rate of R2.1 billion per day. The Cabinet remains resolute and will walk through the narrow gate towards fiscal sustainability. Before today, the economy languished in a trap of paralysis — as the Rime of the Ancient Mariner says “As idle as a painted ship, Upon a painted ocean”. Today we break free from this trap.
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