This is the time for progressive forces to come together and fight against a privatisation agenda that seeks to place state-owned entities in direct competition with a private sector that is solely interested in profit, says the writer.
MTBPS : Godongwana’s Medium-Term Budget Policy Statement spells disaster for South Africa ’s struggling economy
A recent example highlights the private sector’s lack of commitment to South Africa’s development. When the government introduced the COVID-19 loan guarantee scheme, meant to provide loans—substantially guaranteed by the government—to businesses to support operational expenses, it was a failure. According to the Parliamentary Budget Office report, the scheme saw minimal uptake, with only R18.2 billion of the targeted R200 billion utilised, despite efforts to make loans more attractive.
This approach was unfortunately expected. The unholy alliance between the racist Democratic Alliance and the former liberation movement, under the guise of a Government of National Unity , is. It was no surprise that Godongwana received the loudest applause from the DA caucus, as the DA and ANC share the same neo-liberal policies that benefit a few at the expense of the majority.
South Africa does not need private sector investment, because it is generally focused on short-term, speculative markets that do not support the long-term economic transformation the country needs. Private sector investments are frequently directed towards projects with quick returns, often in financial markets or offshore investments, rather than in building sustainable industries or supporting economic equality.
Monetary Policy Government Budget Budgets And Budgeting Anc Da South Africa Enoch Godongwana Government Of National Unity Mtbps Daylight Robbery Enoch Godongwana South Africa Godongwana's Medium-Term Budget Policy Statement Omphile Maotwethe Medium-Term Budget Policy Statem Mtbps National Assembly Blackrock Asset Management Da Government Of National Unity Covid International Monetary Fund Finance Minister Furthermore Democratic Alliance World Economic Forum Anc Parliamentary Budget Office Finance Western Independent Media Omphile Maotwe Standing Committee Eff Iol
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