Treasury suspends funds for the Employment Creation Fund amid governance issues
The Treasury has suspended the release of funds earmarked for the Employment Creation Fund (ECF) because of concerns about its governance and compliance with financial and legal prescripts.Business Day reported on Thursday that hundreds of millions of rand meant for beneficiaries of the fund had not been disbursed because of a dispute between the Treasury and the Department of Trade and Industry, which administers the fund, intended for business support.The funds were derived from the €100m donated by the EU for employment creation support in 2009.The Treasury said in response to questions that it had suspended the release of donor funds to the ECF and initiated a performance audit "after concerns were raised about the ECF’s governance and compliance with financial and legal prescripts regarding the use of Official Development Assistance (ODA)."The audit identified a number of issues, mostly relating to compliance, accountability and good governance. Based on these findings, the Nat...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.