Gauteng News

Gauteng budget set to grow the province’s economy

Lerato Mailoane

Finance MEC Barbara Creecy, on Tuesday, 05 March tabled the provincial budget for the 2019/20 financial year totalling R132.4 billion at the Gauteng Provincial Legislature.

“The budget indicates how the provincial government will fund its commitment to transform the economy, create jobs, support township enterprises, invest in economic and social infrastructure to improve living conditions of citizens whilst promoting social cohesion to secure a future for all residents,” said  MEC Creecy.

The largest share of the budget goes to health, education and social services.

MEC Creecy said Gauteng as the biggest contributor to the country’s Gross Domestic Product (GDP), has a special role to play in promoting faster and more inclusive economic growth.

Therefore, Economic Development has been allocated R1.6 billion to drive economic development initiatives in the province. These include R26 million for the upgrading of township hubs/industrial parks and R18.2 million to implement the Ekasi Lab programme which now includes the incubation of 80 township IT entrepreneurs.

 “Over the past five years, Gauteng has spent R 74 billion, on the procurement of goods and services from businesses owned by historically disadvantaged individuals. This includes procuring twenty billion rands’ worth of goods and services from Women owned enterprises and nine billion from Youth owned businesses,” said MEC Creecy.

Gauteng has also made significant progress in paying suppliers on time. “In compliance with Public Finance Management Act and as a direct response to supporting small enterprises, most of our departments now pay 92 % of their invoices within 15 days.

This year’s budget has increased by 9% compared to the previous financial year.