Ramaphosa budget targets growth, jobs, R1 trillion plan

President Cyril Ramaphosa presented his office’s budget to Parliament, outlining economic growth and job creation as the central priorities for his administration. The address highlighted improvements in the nation’s fiscal health while warning of external economic pressures.

Speaking in the National Assembly, Ramaphosa stated that the macroeconomic environment has improved, with strong tax collection revenues, better public finances, and stabilized national debt. He cited recent actions by international ratings agencies, including Moody’s decision to lift South Africa’s outlook from stable to positive, as evidence of progress. The president reported that the recent South Africa Investment Conference secured investment pledges exceeding R890 billion.

However, Ramaphosa cautioned that global instability, specifically referencing conflict in the Gulf region and its effect on oil prices, poses a significant risk. He said these developments are likely to slow economic growth and hamper job creation efforts in the immediate term. The government’s focus, he stated, will be on implementing a plan to invest R1 trillion in national infrastructure over the next three years, targeting...