Government clarifies role of Presidential Fiscal Committee

Tuesday, November 14, 2017

The advisory role of the Presidential Fiscal Committee (PFC) does not interfere with the institutional arrangements of the budget cycle, says Minister of Communications Mmamoloko Kubayi-Ngubane.

In a statement that was released on Tuesday, government clarified the role of the PFC following the public discourse.

The decision to establish the PFC was taken in September at the meeting of the Extended Cabinet which was attended by Ministers, Premiers and Finance MECs.

The committee was mandated to work with the National Treasury and other stakeholders to help find creative ways of meeting the country’s fiscal targets and resolving competing priorities.

Minister Kubayi-Ngubane said the budget process allows for stakeholder participation and coordination with the various spheres of government.

“Government is committed to managing the economy in a balanced and responsible manner.

“Investors are reassured of the macroeconomic certainty and stability that they have become accustomed to. Spending has been reprioritised to reduce immediate pressure, and to create the time required to build capacity to boost investment spending,” the statement issued by the Government Communication and Information System (GCIS) said.

Furthermore, government has taken decisive steps to stabilise State Owned Entities so that they contribute more meaningfully towards growing the economy.

“Government is working closely with various stakeholders to address regulatory challenges, build an inclusive economy and improve business confidence.

“We are implementing the Medium-term Strategic Framework 2014-2019 which outlines the country’s priorities and has detailed implementation plans towards the National Development Plan (NDP), Vision 2030. Actions including addressing infrastructure bottlenecks, improve policy coordination, making it easier to do business, improving labour relations and encouraging private investment,” Minister Kubayi-Ngubane said.

GCIS said government remains committed to a measured path of fiscal consolidation that contains the budget deficit and stabilises public debt. – SAnews.gov.za

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