Parliament, Tuesday, 10 March 2019 – Having finalised public hearings on the 2020 Fiscal Framework and Revenue Proposals tabled by the Minister of Finance on 26 February 2020, the Standing Committee on Finance made some recommendations.
These recommendations included, among others, a call on the National Treasury to capacitate the Office of the Chief Procurement Officer to tackle issues of over-pricing when the state procures goods and services.
The committee recommended that the President considers establishing an inter-ministerial committee to tackle more effectively illicit financial flows, especially those involving multinational companies operating in South Africa.
Furthermore, it reiterated that members of the executive and government officials should only buy cars manufactured or assembled in South Africa for official use and, that the allocation of R5 billion per year into contingency reserves be increased in the years ahead.
The committee welcomed measures announced for the establishment of a sovereign wealth fund and state-owned commercial bank. It believes that the measures will go some way to deal with market failures in the economy and economic inclusion.
Lastly, the committee believe that initiatives related to the purchase of additional electricity from independent power producers should be handled sensitively, responsibly and in a manner that does not compromise the fiscus.
The report as adopted by the committee will be tabled for debate and adoption in the National Assembly.
ISSUED BY PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE STANDING COMMITTEE ON FINANCE, MR JOE MASWANGANYI
For media enquiries or interviews with the Chairperson, please contact media officer:
Name: Mr Justice Molafo
Tel: 021 403 8444
Cell: 081 424 7481
Email: jmolafo@parliament.gov.za
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