Latest news with #DavidMasondo
TimesLIVE
6 days ago
- Business
- TimesLIVE
Masondo raises state capacity urgency as parliament adopts Appropriation Bill
Deputy finance minister David Masondo says the Appropriation Bill before parliament has to be approved urgently or the national government cannot disburse funds from May's budget and this will increasingly hamper the government's ability to undertake authorised spending. He was addressing parliament on Wednesday, as the National Assembly adopted the main Appropriation Bill with 262 MPs in support and 90 against. He said the bill will allow the government to spend R1.2-trillion on basic services, social grants and infrastructure projects to improve the lives of all South Africans. 'We must not delay the passing of this bill or object to it. Because delays in passing this bill carry two consequences. The first is that without passing this bill, the government will be without authority or permission to spend beyond last year's allocation. As a result, the government will not fully provide services, including public servants. 'In the absence of the Appropriation Act, the government may only spend 45% of the previous year's budget until the end of July, which is next week. And thereafter, the government can only spend 10% per month of the previous appropriated budget. Our estimation is that, overall, by October, the government will be without authority when we reach 100% of last year's appropriation.' He said this had implications for newly presented spending items, including R6.7bn for compensation and essential services in health to hire 800 doctors, the R400m home affairs digitisation programme, addressing shortages in medical goods and R5.1bn for education compensation and early childhood development. 'The second implication of delays in passing this budget is that critical priorities, new priorities, cannot be funded. These priorities include the R4bn for infrastructure for passenger rail transport to modernise signalling technology systems that will improve service, frequency, safety and efficiency.' After the adoption of finance minister Enoch Godongwana's 2025 budget in May, the Appropriation Bill determines the allocations from the budget to the various departments in the national government. For the first time, it took the finance minister three attempts to table a budget. The National Assembly plenary, to consider the Appropriation Bill, also considered the budget votes of all national government departments under the GNU, lasting more than eight hours at the Cape Town International Convention Centre. On the same day, National Treasury released a statement saying South Africa's budget process has not kept pace with the country's fiscal and political realities. It issued the medium-term expenditure framework technical guidelines 2026 in terms of the Public Finance Management Act to prescribe the format for preparing an annual budget. 'A review of the budget process revealed critical limitations of the process, including fragmented decision-making, poor policy-budget alignment, and weak consensus on trade-offs in a context of competing priorities and limited fiscal space. 'The guidelines reaffirm government's commitment to a more disciplined, transparent, and strategically aligned budget process that supports South Africa's long-term fiscal objectives and national development priorities.' Earlier in the plenary on Wednesday, ANC chief whip Mdumiseni Ntuli moved that the house adopt the report on the bill. MK Party MP Tshikani Makhubele, EFF MP Nontando Nolutshungu and UAT MP Wonderboy Mahlatsi immediately objected to Ntuli's motion. Tabling the bill report for adoption, standing committee on appropriations chair and BOSA MP Mmusi Maimane said the budget took place in severely constrained economic conditions of low growth, limited fiscal resources, high unemployment and enduring inequality. 'I want to urge that going into the next cycle of budget, please let us ensure that we have established our priorities, we are clear where the economic reforms are, we budget accordingly and create plans that can ensure that the budget process is smoother and that the people of South Africa can experience the fullness of participating in the contribution of the Appropriation Bill.' He said 22 cents of every rand in the fiscus goes to debt-servicing costs, and the social wage continues to take up a significant amount of spending at 61%. He said South Africa must ensure that it creates room in the fiscus for investment in infrastructure, small business support and innovation. 'If we are not careful in how we prioritise budgeting ... in the outer year of this medium-term, we will be spending more on social grants than we do ... on any other economic area. It is also deeply concerning that ... 1% of the total appropriation is spent on innovation and areas that improve growth.' Maimane said while he welcomed the stimulus and added spending on doctors in the department of health's budget vote, the strain put on the medical legal claims pipeline was concerning. He urged that the government prioritise spending on education and responses to the termination of the US President's Emergency Plan for Aids Relief (Pepfar) funding. ANC MP Soviet Lekganyane said the government, ministers and MPs must 'run barefooted [sic]' on behalf of ordinary South Africans to realise the fulfilment of the country's potential. He listed additional allocations to Sars and the Border Management Agency as key positive decisions. MK Party MP Sanele Mwali said the budget and its appropriations were a missed opportunity to chart an alternative path for growth and prosperity for the South African people and ease the burden of rising living costs. 'We are in this situation because this government does not listen. We tried all we could to present alternatives to make people's lives better. But it's clear that you have a programme that seeks to oppress people, and that this government is controlled by people who were not elected in this house. That is why you oppress South Africans even though we present alternatives.'
News24
6 days ago
- Business
- News24
Appropriation Bill passes despite intense debate and deep political divisions
Supplied Parliament has passed the 2025 Appropriation Bill, approving over R1.2 trillion in government spending after weeks of tense GNU negotiations. The Bill passed with 262 votes in favour and 90 against, with support from the ANC, DA, IFP, ActionSA and others; the EFF and MK Party opposed it. Deputy Finance Minister David Masondo warned that failure to pass the budget would cripple public services and halt government operations by October. Parliament has officially passed the 2025/26 Appropriation Bill, authorising government to spend just over R1.2 trillion over the current financial year. The vote, which took place at the Cape Town International Convention Centre on Wednesday, came after weeks of tense negotiations within the government of national unity (GNU) and fierce opposition from key parties. The vote succeeded with 262 MPs in favour, 90 against, and no abstentions — exceeding the required simple majority in the 400-seat National Assembly. The sitting formed the final chapter of the budget cycle and included the tabling of the Standing Committee on Appropriations' report, a debate on departmental allocations, and the Bill's second reading. Voting was conducted manually, with party whips announcing how their members voted. Although MPs were permitted to declare a different vote from their party line, none chose to do so. Among those who supported the Bill were the ANC holding 159 seats, the DA Alliance with 87 seats, IFP (12), Patriotic Alliance (9), Freedom Front Plus (5), ActionSA (5), ACDP (2), UDM (2), Rise Mzansi (2), BOSA (2), Al Jama-ah (1), PAC (1), and GOOD Party (1). Opposing the Bill were the uMkhonto weSizwe Party (MKP) with 51 seats, the EFF with 36, ATM (1), National Coloured Congress (1), and United Africans Transformation (1). This passage marks a critical moment in a process that began with the tabling of the main budget speech- three times due to coalition disagreements within the GNU, followed by debates on the fiscal framework and the Division of Revenue Bill. The Appropriation Bill, which assigns spending to national departments through formal Votes, is the legislative tool that legally authorises public expenditure. Masondo: 'Delay would gripple government' Deputy Finance Minister David Masondo warned that failure to pass the bill would have devastating consequences. This R1.2 trillion is not just a number. It represents school meals, hospital beds, social grants and infrastructure projects. David Masondo 'Without passing this bill, the government will be without authority for permission to spend beyond last year's allocation. As a result, the government will not fully provide services, including public servants.' He added that without legal authority, government could only spend 45% of last year's budget until the end of July, and 10% per month thereafter. 'By October, we would have reached 100% of last year's appropriation, and government would effectively be unable to operate,' he said. The second implication of the delay of the Budget, Masondo said, was that 'critical priorities and new priorities can't be funded'. Masondo detailed how the bill would fund critical programmes, including: R6.7 billion for compensation in the health sector, enabling the hiring of 800 doctors and addressing 5 000 vacancies. R5.1 billion for education, including teacher compensation and early childhood development. R470 million for digitising Home Affairs operations. R11 billion towards industrialisation via the Department of Trade, Industry and Competition. 'The most vulnerable in our society — those dependent on clinics, schools, and grants — would suffer most if we fail to act,' Masondo said. He acknowledged South Africa's stagnant economic growth and overreliance on state-owned enterprises (SOEs), saying government must 'undertake structural reforms' to open up sectors like energy and freight logistics to competition. READ: Ramaphosa buckles under DA's demands – fires Nkabane, saves the Budget Maimane: 'Budget must prioritise growth, not bureaucracy' The Standing Committee on Appropriations, chaired by Build One South Africa leader Dr Mmusi Maimane, presented the Bill to the House. Maimane framed the bill in stark terms, warning that debt servicing now consumes 22 cents of the national budget. '61% of our spending is now on the social wage,' he said. And if we're not careful in how we prioritise budgeting, in the outer year of this medium term, we'll soon be spending more on social grants than on any economic growth drivers. Mmusi Maimane He stressed the need for economic reforms and audits of ghost workers, underutilised state assets, and duplicative government agencies. Maimane welcomed infrastructure investments — including R1.3 trillion allocated to the transport department over the medium term — but noted that less than 1% of the budget went to innovation, small business and trade. 'We have to spend smarter,' he said. But not all parties were convinced. EFF: This is a budget of betrayal The EFF outright rejected the bill, with MP Omphile Maotwe calling it a 'compromise budget negotiated in smoke-filled bedrooms' to keep a sinking coalition afloat. 'This budget will not eradicate pit toilets. It will not hire more doctors or nurses or teachers. It will not grow the economy. It will make the poor even poorer,' she said. Maotwe accused GNU members of selling out for 'posts and blue lights,' adding: 'Principles have been sold, and economic logic sacrificed on the altar of convenience.' The EFF argued that even within the constraints of the fiscal framework, government could have funded the employment of 9 000 doctors, eradicated pit toilets in schools, increased SARS capacity, and boosted basic education, but chose not to. 'We did not turn this budget into a political football,' said Maotwe. 'We engaged in a principled manner — and for that, we reject it.' MK Party: Budget fails the nation MKP's Sanele Mwali echoed the EFF's rejection, accusing the GNU of clinging to discredited neoliberal policies that had failed since 1994. 'The ANC and the so-called GNU have missed the opportunity to redefine our economic tragedy,' Mwali said. 'They continue to prescribe the same medicine that's killing the patient.' He decried the government's 'obsession with debt reduction,' citing rising food prices, 60% youth unemployment, and 30% increases in electricity tariffs. 'The MK Party says the economy is about people, not profits,' Mwali said. 'We reject this budget.' DA: 'Budget must break cycle of dependency' DA MP Kingsley Wakelin said the country faced a 'dangerous crossroads,' and the budget must choose between 'dependency on the state' and 'investment in economic growth.' The people no longer trust the ANC to govern alone. Kingsley Wakelin 'They want jobs, not handouts.' He criticised government for allocating R700 million to a 'costly national dialogue' project instead of practical interventions like RDP houses, youth job grants or electricity support. 'The DA demands a comprehensive job-seeker's plan, investment in ECD, and the abolition of dysfunctional SETAs,' he added. Wakelin also accused the ruling party of distractions: 'Internal ANC conflicts, MK's constitutional undermining, and EFF's implosions have diverted focus from what really matters.' READ: GNU hangs by a thread as DA digs in on budget and ANC heads into crucial NEC ActionSA: Budget lacks vision and coherence ActionSA MP Alan Beesley said South Africa was in 'a crisis of unemployment, poverty, and violent crime,' and the budget failed to meet the moment. 'Economic growth is stuck at 0.1%, and the Financial and Fiscal Commission warns of a possible recession. This bill lacks vision, coherence, and urgency,' he said. Beesley slammed the SETAs for becoming 'cesspools of corruption' and condemned the bloated Cabinet. 'This too is corruption — the systemic abuse of public funds in full view,' he said. 'There is enough money to run this country well. But not enough to run a bloated Cabinet and feed ANC greed.' He added: 'ActionSA will support departmental budgets that move the country forward. And we will reject those that don't — based on principle, not politics.' Despite strong opposition, the Bill was ultimately adopted with broad support. But this support was not automatic. The DA had earlier threatened to block the Bill unless President Cyril Ramaphosa acted against then-higher education minister Dr Nobuhle Nkabane, who the party accused of misleading Parliament over board appointments to Sector Education and Training Authorities (SETAs). Ramaphosa responded by dismissing Nkabane earlier this week, replacing her with former Deputy Minister Buti Manamela and appointing former KwaZulu-Natal Premier Dr Nomusa Dube-Ncube as the new deputy minister. The DA confirmed that the dismissal, combined with critical budget allocations, was sufficient to secure its backing.
Eyewitness News
6 days ago
- Business
- Eyewitness News
Failure to finalise budget will hurt SA's vulnerable members of society the most
JOHANNESBURG - Deputy finance minister and African National Congress (ANC) MP, David Masondo, said that political squabbling over the budget would come at a high price for service delivery. Masondo's warning about the impact on South Africans comes as MPs prepare to vote on the Appropriation Bill in the National Assembly on Wednesday afternoon. If it passes, it will bring to a close four months of an intense back-and-forth between parties over government's spending plans. ALSO READ: • Budget 2025: MK Party, EFF call Appropriation Bill anti-poor • Parliament's Appropriations Committee stresses importance of economic growth to support social wage • Steenhuisen: DA will support Appropriation Bill • Parliament preps for possibility & implications of national budget not being passed Masondo said that failing to finalise the budget would hurt the vulnerable the most. In budget 3.0, National Treasury focused on plans to address the persistent spending pressures to restore critical frontline services and invest in infrastructure. This is part of a broader plan to improve access to basic services and turn the economy around. The delays in tabling the budget and voting in favour of it mean that from August, government will only be able to spend 10 percent of the previous year's appropriation budget per month. Deputy Finance Minister David Masondo: "Our estimation is that by October 2025, the government will be without authority when we reach 100% of last year's appropriation." He said that the cost to service delivery was insurmountable. "We should not prolong the passing of this bill because ultimately, it is the most vulnerable members of society who depend on grants, public clinics and schools who will suffer the most." The EFF and MK Party are expected to vote against the Appropriation Bill, while ANC and DA MPs are expected to vote in favour of it.
IOL News
6 days ago
- Business
- IOL News
Urgent call from Deputy Minister Masondo: Pass the 2025/26 Budget to protect vulnerable South Africans
Deputy Minister of Finance David Masondo warns that it will ultimately be the most vulnerable members of society who will suffer the most when the Budget is not passed by Parliament. Image: GCIS Deputy Minister of Finance David Masondo on Thursday called on parties not to prolong the passing of the 2025/26 Budget or vote against the Appropriation Bill. Speaking during debate on the first reading of the Bill, Masondo said the passing of the Bill by Parliament will allow the national government to spend R1.23 trillion to deliver services to protect the vulnerable and invest in the country's shared future. 'This R1.23 trillion is not just a number. It represents school meals, hospital beds, social grants, and infrastructure projects that will directly impact the lives of many South Africans,' he said. Masondo made the statement as MPs debated the Appropriation Bill as part of the process to pass the overall Budget with each of the departments' votes and schedules. 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Next Stay Close ✕ The debate centres on whether parties agree with the overall principles of the Bill, and should the National House vote 'no', the entire Bill will be deemed rejected and will be referred back to the standing committee for further consideration. Masondo said the absence of the Appropriation Bill will mean that the government may only spend 45% of the previous year's budget until the end of July, and thereafter only 10% of the previous budget. 'Our estimation overall by October is that the government will be without authority when we reach 100% last year's appropriation." He also said failure to pass the Budget would delay critical priorities of the government. 'We should not prolong or object to the passing of this Bill. It is ultimately the most vulnerable members of society who depend on grants, public schools, and clinics, who will suffer the most due to our inaction,' Masondo said. However, the two big parties outside the Government of National Unity (GNU), the EFF and MK Party, indicated earlier that they will vote against the Appropriation Bill. Some of the small parties have stated that they will vote in principle in favour of the Bill, but just against some of the individual votes of departments. MK Party's Sanele Mwali said there was no time for technicalities but a focus on bold and courageous measures. Mwali said Finance Minister Enoch Godongwana, the GNU, and the ANC missed the opportunity to redefine the economic trajectory and set South Africa on a new path of sustainable growth and development. 'When we debate budgets, there is an attempt to limit Parliament from exploring other available economic alternatives,' Mwali said. He said the government continued to pursue the same economic, fiscal, and monetary policy that failed to bring change and impoverished millions of people. EFF MP Omphile Maotwe said her party made proposals on all department votes. 'We did not come to play internal coalition games but to make sure the voices of communities are heard in this House,' Maotwe said. She said the Budget was not for transformation, redistribution, or to fight unemployment, poverty, and inequality. 'It is a compromised Budget negotiated in smoke-filled backrooms to keep a sinking coalition afloat,' Maotwe said. ActionSA's Alan Beesley said the Budget was supposed to focus on industrial development, but it allocated crime to the very departments. Beesley also said Appropriation Bill lacked vision, coherence, and urgency. He complained about money being lost to corruption, cadre deployment, and bloated bureaucracy. 'There is enough money to run this country well, but there is not enough to run a bloated Cabinet and feed the greed of ANC comrades,' Beesly added. When the Bill was put to a vote, it easily secured the majority votes. This after the ANC, DA, and other parties voted in favour of it with 262 votes, while the EFF, MK Party, ATM, National Coloured Congress, and United African Transformation garnered 90 votes. This means the Bill has passed the first hurdle for the day. The parties are busy making declarations on each of the department votes before the approval of the full schedule of votes and the second reading of the Bill later this afternoon.
IOL News
22-07-2025
- Business
- IOL News
PIC grilled over R1. 7bn Daybreak support
Daybreak Farms has become emblematic of some of the challenges facing the PIC's unlisted investments portfolio during a period of heightened public scrutiny. Image: NSPCA THE Public Investment Corporation (PIC) faced intense scrutiny in Parliament last week over its handling of high-risk unlisted investments, including a hefty bailout of the embattled poultry giant Daybreak Farms. South Africa's largest asset manager of public funds was on the backfoot, defending its decision to inject more than R1.7 billion into Daybreak Farms, a vertically integrated poultry business on the brink of liquidation. Daybreak has become emblematic of some of the challenges facing the PIC's unlisted investments portfolio during a period of heightened public scrutiny. At the heart of the inquiry was Deputy Minister of Finance Dr David Masondo, who also chairs the PIC board. Accompanied by senior PIC officials and the new chief executive, Patrick Dlamini, Masondo sought to clarify the PIC's position amid growing public concern and media attention. Masondo explained that the PIC had committed R1.7bn to Daybreak, with R250 million injected earlier this year and an additional R150m for operational expenses in February 2025, designed specifically to stave off liquidation. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ He emphasised that 'the PIC board does not intend to keep injecting funds indefinitely; the business must turn itself around to survive the crisis'. The message was firm: while the PIC remains a key investor, the responsibility to deliver a viable recovery rests with Daybreak's management and board. Acknowledging governance failings, Masondo outlined the troubles: 'A board was appointed in 2021 but resigned the same year in May. A new board came in November 2022. Allegations surfaced regarding irregularities in the recruitment of Daybreak's chief executive. Investigations found violations of PIC and Daybreak policies as well as general recruitment procedures.' He confirmed these findings had led to resignations: 'Most of the board members involved in the irregular recruitment process resigned. The board was subsequently strengthened with experienced members.' Daybreak Farms is under business rescue, with a practitioner appointed and a rescue plan expected by August 22. Masondo stressed that liquidation must be avoided: 'The board believed strongly that liquidation should be avoided due to the company's importance to the economy, food security, and job preservation.' He explained PIC's limited direct operational role: 'We do not run the businesses but appoint directors to boards when necessary to support turnaround efforts,' with appointments made under strict policy and approved by the PIC's Directors Affairs Committee, chaired by Masondo himself. Masondo framed the Daybreak issue within the PIC's wider mandate. The asset manager invests on behalf of the Government Employees Pension Fund (GEPF), Unemployment Insurance Fund (UIF), Compensation Fund (CF), and others, with a stated goal to protect and grow workers' retirement and social benefit funds. He highlighted the PIC's growth since 2021: 'Assets under management grew from R2.3 trillion in 2021 to R3trln in March 2025, a 30% increase. Over the past 10 years, growth has been at 68%.' Regarding unlisted investments, which include direct equity ownership in companies such as Daybreak, growth was modest at best: 'The value rose marginally from R125bn in 2021 to R127bn in 2025, just a 1.4% increase.' This was attributed to UIF and CF suspending mandates over earlier concerns. Masondo also reiterated the PIC's commitment to balancing financial return with social and environmental considerations. He said: 'Since the beginning of its unlisted investment programme, PIC has created over 190 000 jobs.' The PIC reported that it had shared with Scopa a list of the 20 best-performing companies and 20 that had failed, confirming that 'most of the failed investments, including Daybreak, were made before the current leadership'. The one exception cited was Enable Capital, another troubled investment attracting media scrutiny. Meanwhile, Scopa members did not let the PIC off lightly on pensioner concerns. One member queried the contradiction between the PIC's reported average annual return of 15.9% and the only 2.3% pension increase awarded this year, which was noticeably below inflation. The discrepancy raised questions about the flow-through of investment returns to pensioners. Other areas debated included: Proposals for incentives to boost infrastructure investment The imperative to balance financial and social returns The PIC's reported impact on job creation, empowerment, and governance Calls for greater transparency and accountability within PIC's operations. Masondo assured Committee members that all recommendations from the Mpati Commission investigation had been fully implemented by March 31 this year. This included wide-ranging governance reforms and the creation of an ethics office aimed at promoting ethical conduct and reducing risks. Addressing recent media reports, he revealed: 'A senior PIC employee was alleged to have solicited a bribe. This matter was reported via our whistleblowing platform. The individual has since been placed on precautionary suspension pending investigation.' He confirmed that 'appropriate action will be taken based on the outcome'. Get the real story on the go: Follow the Sunday Independent on WhatsApp.
