expenditure banks up
R2.5m for New Development Bank office wasteful expense, says treasury
Lease of premises for employees was a wasteful expense, says treasury, because management did not work there
National treasury has spent R2.5m on leasing office space in Sandown, Johannesburg, for the Brics New Development Bank — money the auditor-general, Kimi Makwetu, put down as fruitless and wasteful expenditure in his national and provincial government audit results. Makwetu made the assessment because the bank was not in operation and the office space was not being used by management. In this year’s audit results treasury was among the highest contributors to fruitless and wasteful expenditure. Along with the R2.5m spent on the Brics bank office, another R67m for technical support for the Oracle software system, which has not yet been implemented, was also considered fruitless and wasteful. The software relates to the integrated financial management system that is meant to manage budgeting and accounting. In 2016, it was estimated that developing countries would together need additional spending of almost US$1trillion/year for the next 20 years to meet their infrastructure requiremen...
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