World leaders salute President Cyril Ramaphosa

Emmett Rice
February 25, 2018

Mr. Ramaphosa must also balance the need to maintain the unity of his party, the African National Congress, with pressure to remove Zuma appointees in his cabinet, including Finance Minister Malusi Gigaba, who presented the budget on Wednesday.

Additionally, the EFF opposes a budget regime that raises VAT and targets the personal incomes of lower paid workers, to the exclusion of Corporate Income tax, as a means to raise revenue. The National Treasury expects those measures, together with an improved economic growth outlook, to narrow the budget deficit to 3.6% of gross domestic product in the coming fiscal year, from 4.3% now. Through this budget, we will be able to make sure that we have a strong economy that will move forward without getting us into downgrade.

This year's challenge proceeds will be donated to the Cyril Ramaphosa Foundation, which will in-turn distribute funds to deserving charities.

"This is line with our forecast for continued South African rand (ZAR) gains over the course of this year, in part also reflecting a weaker Dollars, with an eventual test of 11.00 remaining possible".

The Guptas showed up in South Africa from India in the early 1990s+ and developed an organisation empire with interests varying from mining to pay television.

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The budget's proposals to generate an additional 36 billion rand in tax revenue will be essential to fund free university education for students from low-income families - a policy abruptly announced by Zuma on the eve of his departure from the ANC presidency past year.

South African President Cyril Ramaphosa said today he wanted "healing and atonement" following the 2012 massacre of 34 striking workers at a mine run by Lonmin where he was a director.

The budget didn't promise any additional funding for cash-strapped state-owned companies, although provisions could still be made and financed by selling about R40bn worth of state properties.

After the speech, Gigaba told Reuters: "We will be able eventually perhaps in 18 months to 24 months to return to investment grade".

It said when Gigaba previously served as the minister of home affairs, he ensured the Guptas South African citizenship and aided them to qualify for BEE deals with state owned enterprises. "We will support him fully". "We will have to find resources, probably through the sale of state assets".

Other reports by Free-Prsite

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