State-owned companies to spend R403bn on infrastructure in the next three years
Finance Minister Malusi Gigaba estimated that over the medium-term expenditure framework, government would spend R948bn, or 5.9% of gross domestic product (GDP), on infrastructure in a bid to boost growth and employment.This is less than the R987.4bn Gigaba’s predecessor, Pravin Gordhan, announced in the 2016 medium-term budget policy statement.Tabling his first medium-term budget policy statement in Parliament on Wednesday, Gigaba said the majority of economic infrastructure would be provided by state-owned companies, which would spend R402.9bn in the medium term.He said municipalities were projected to spend R197bn and provincial governments R208bn in the medium-term period. Education was projected to spend R44bn building and refurbishing schools, libraries and laboratories."Government is embarking on a number of initiatives in infrastructure in order to improve the quality of our infrastructure spending. This includes maintenance of existing infrastructure, improved procurement o...
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