Cabinet reiterates commitment to transformation

Thursday, March 15, 2018

Cabinet has reaffirmed its committed to the diversification and transformation of the financial sector, says Communications Minister Nomvula Mokonyane.

This follows the announcement by the South African Reserve Bank that it had placed VBS Mutual Bank under curatorship.

“The appointed curatorship will support the VBS Mutual Bank to restore its liquidity challenges and serve the interests of the public and VBS depositors,” Minister Mokonyane said.

She was addressing the media in Cape Town on Thursday on the outcomes of the Cabinet meeting that was held on Wednesday.

Independent Power Producers (IPPs) Procurement Programme

Cabinet has noted the case filed in the High Court by two non-governmental organisations regarding government’s decision to sign the power purchase agreements with 27 Independent Power Producers (IPPs). The matter will be concluded by the High Court on 27 March 2018.

“In the spirit of constitutionalism and the rule of law, the signing has been postponed. Cabinet affirms the commitment to resolve the matters around these programmes,” Minister Mokonyane said.

The Renewable Energy Independent Power Producer Procurement Programme will ensure that consumers in the country have access to cost-efficient and clean energy, and will bring much-needed investment in South Africa.

These projects are expected to provide 61 600 full time jobs, 95% of which are for South African citizens, specifically youth. 

Cabinet has reiterated its commitment to a solid public-private partnership as the country pursues its energy transition objectives of the future and a better life for all.

“This is needed to bring much-needed policy and regulatory certainty, and maintain South Africa’s position as an energy investment destination of choice,” Minister Mokonyane said.

SADC Protocol on Finance and Investment

Cabinet has approved that the Agreement Amending Annex 1 (Co-operation on Investment) of the Southern African Development Community (SADC) Protocol on Finance and Investment (FIP) be tabled in Parliament for ratification.

“The purpose of the FIP is to harmonise financial and investment policies of Members States, so that they are consistent with the objectives of SADC.

“This will ensure that any changes to financial and investment policies in one Member State does not necessitate undesirable adjustments in other Member States,” she said.

The aim of the amendments are to preserve the right of governments to regulate in the public interest and to balance the rights and obligations of investors and governments.

Nelson Mandela Rules

In an effort to honour the legacy of Nelson Mandela, Cabinet approved the tabling of the revised and renamed United Nations (UN) Standard Minimum Rules for the Treatment of Prisoners - the “Nelson Mandela Rules” - in Parliament.

“The renaming of the Standard Minimum Rules to ‘Nelson Mandela Rules’ honours the legacy of our former President, who spent 27 years in prison.

“There has also been a worldwide extension of the Nelson Mandela International Day scope, observed by UN Member States on 18 July, to promote humane conditions of imprisonment, raise awareness about prisoners being a part of society and value the work of prison staff as a social service,” Minister Mokonyane said.

The rules will assist South Africa to speed up the transformation towards a people’s developmental correctional system that is consistent with various international principles and guidelines. -

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