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Transnet credit rating upgraded


Transnet’s credit rating has been upgraded to ‘BBB’, with the upgrade affirming the state utility’s ability to raise funds without a government guarantee. [Read more…]

OECD report into South Africa

GINI coefficient

Midrand – Finance Minister Pravin Gordhan had welcomed the latest OECD report into South Africa which states that although strides have been made, the country is not fully reaching its potential. [Read more…]

Work harder for clean audits

Auditor-General Terence Nombembe

Auditor-General Terence Nombembe

Pretoria – Auditor-General Terence Nombembe has urged government departments to work hard towards achieving clean audits, saying sound financial management will go a long way in improving public confidence in state institutions. [Read more…]

Underspending, inflated wage bill a concern

Minister of Finance

Minister of Finance

Cape Town – Underspending on infrastructure and an increase in public servants’ wages remained key concerns for the government, with R3.8 billion in unspent balances in the last financial year expected to be rolled over and an additional R4.4 billion made available to cover higher-than-expected salary adjustments, the Minister of Finance Pravin Gordhan said today. [Read more…]

GP on the right financial track


Gauteng Finance

Gauteng Finance

Johannesburg – Gauteng, the most populous province in the country, is on track to restore its financial well-being, Finance MEC Mandla Nkomfe said on Monday.

The past three fiscal years have been difficult for the province, with diminished collection rates from revenue sources and the sharp decline in equitable share, which led to cash flow problems. This was also due to poor financial management, resulting from unauthorised spending by some departments. [Read more…]

Ministers outline spending plans

Pretoria – Cabinet ministers will today begin unveiling plans on how they will utilise the money allocated to their departments by Finance Minister Pravin Gordan in his national budget earlier this year.

The Budget Vote presentations will start in Cape Town today with Economic Development Minister Ibrahim Patel expected to tell Members of Parliament how he intend spending the R549 million allocated to his department for the 2011-2012 financial year. [Read more…]