Latest news with #MemorandumofAgreement
The Citizen
3 days ago
- Business
- The Citizen
Gauteng can't pay its e-toll debt — turns to treasury, cap in hand
Is seeking changes to the payment terms, but until then 'will pay'. The fight might be over for motorists, but the debt remains. Picture: Jonathon Rees The Gauteng provincial government is involved in discussions with National Treasury about the payment terms of its R15.9 billion e-toll debt. However, Gauteng MEC of Finance and Economic Development Lebogang Maile stressed on Sunday that the province is committed to sticking to the current Memorandum of Agreement (MoA) arrangements to pay the province's 30% share of the e-toll debt amounting to R12.9 billion – plus interest of R3.3 billion – as it doesn't as yet have an agreement with Minister of Finance Enoch Godongwana about any changes to the terms of the MoA. Maile said the government is having discussions with Treasury on the payment terms to alleviate financial pressure on the province – 'and to give us some additional resources that we can use immediately to deal with immediate social challenges'. In terms of the MoA between the SA National Roads Agency (Sanral), the National Department of Transport, Treasury and the government announced by Godongwana during his 2022 Medium-Term Budget Policy Statement (MTBPS), Gauteng's e-toll debt contribution would be made in five equal annual instalments at government's five-year interest rate. ALSO READ: Gauteng pays R5.44 billion e-toll debt amid budget constraints Province to pay R5.47bn on Monday In addition to the settlement of this debt, the government also made a commitment to contribute a total of R4.1 billion towards the backlog maintenance on the Gauteng Freeway Improvement Project (GFIP). Maile said the province will on 30 June 2025 honour its obligation by paying the second instalment of its 30% portion of the e-toll historical debt. He added that the government made the first instalment amounting to R3.8 billion on 30 September 2024, which comprised R3.2 billion of historical debt and the GFIP maintenance backlog portion of R546 million. Maile said there is currently R3.559 billion outstanding from its commitment to pay Sanral R4.1 billion and that in addition to the e-toll debt payment, the government will on Monday also transfer an amount of R2.099 billion as part of the contribution towards the backlog of rehabilitation to restore the GFIP freeways to an acceptable condition before Sanral resumes its obligations for all future maintenance funded by the national fiscus. The total amount the provincial government will be transferring to Treasury on Monday is R5.47 billion. ALSO READ: Sanral claim for e-tolls doomed Repayments affect service delivery A pothole on a road in Atholl, Johannesburg. Image: Leon Sadiki/Bloomberg Maile said the province could have used that money to build additional schools, hospitals and roads and added if the province was not paying this R5.4 billion, it could for example be announcing that it is 'giving R2 billion to deal with all the potholes, R1 billion to deal with the robots'. 'In the budget, we only announced R300 million to deal with potholes on all provincial roads. It's not going to be enough,' he said. 'The repayment does have an impact on service delivery because it means we have limited resources. For instance, we need about 200 new schools in Gauteng. The money we have is for 18 schools. On average to build a school, is R200 million. 'If this R4.5 billion, or R20 billion over a period of time, was available it would mean we could increase the number of schools we can build … the number of clinics we can build, it means we can improve the quality of services.' ALSO READ: Right step to sort out e-toll debt mess Treasury paying 70% of e-toll debt Maile said there are some financial difficulties that put a strain on the province, which is why it is asking Treasury to help. 'National Treasury is committed to help, which is why it is paying 70% of the historical e-toll debt and the Gauteng provincial government is paying 30%,' he said. He added that the provincial government will over the next few years have to allocate a substantial amount of funds each year to service the repayment obligations for e-tolls – and that this will be happening in a constrained fiscal environment, details of which the province expressed in the initial Budget Speech and reiterated when it retabled its budget for the 2025/26 financial year. 'The reality of the situation is that the funding envelope is stretched by existing allocations, particularly in terms of keeping critical social programmes in health and education funded.' 'Nevertheless, we reaffirm our commitment to the residents of Gauteng that the servicing of the e-toll debt will not compromise our priorities, particularly in relation to social services such as health and education,' he said. ALSO READ: No refunds for those who paid for e-tolls, says Gauteng finance MEC Maile 'Measures and reforms' Maile said the provincial government is implementing various measures and reforms to ensure the sustainability of its fiscal environment. These include active debt management strategies, spending restraint, improving compliance with rules and regulations in supply chain management, as well as revenue enhancement. Maile said the province's revenue enhancement strategy has already been actualised, with provincial departments implementing various strategies to enhance revenue collection. He said this strategy is underpinned by five principles: Accelerating the completion of interventions that have already started; Optimising the existing revenue sources; Enhancing revenue collection processes and systems to increase efficiency, cost-effectiveness, and eliminate leakages; Identifying potential new revenue sources that have not been explored; and The use of alternative funding and implementation models to achieve more value. ALSO READ: E-tolls scrapped, but gantries will remain operational – Chikunga Maintenance, upgrades and capacity expansions projects In terms of the MoA, Maile said Sanral cannot use the funds it receives from the province for any other purpose than the nine projects that are financed by the province. He said the R4.1 billion will be used for the following maintenance, upgrades and capacity expansions projects on 185 kilometres on the N1, N3, N12, N14 and R21: 14th Avenue to Buccleuch Golden Highway to 14th Avenue Buccleuch to Brakfontein Brakfontein to Scientia Heidelberg Road to Geldenhuys Geldenhuys to Buccleuch Uncle Charlie's to Elands Gillooly's to Tom Jones, and Olifantsfontein to Hans Strydom. ALSO READ: E-tolls: Gauteng government to make first debt payment in September – Maile GFIP projects will be complete in four years These freeways are vital for facilitating efficient transportation and supporting economic activity by providing high-speed, controlled-access routes for vehicles in the broader Gauteng city region, Maile said. Gauteng deputy director-general for sustainable fiscal resources management Mncedisi Vilakazi noted that the estimated time to complete the nine projects is four years and that the amounts the province pays and contributes each year fluctuates in line with the readiness of these projects, which are at different stages. 'It will take four years to completely exhaust the nine projects, which will amount to about R4.1 billion,' said Vilakazi. Gauteng's freeways need an update. Image: Moneyweb This article was republished from Moneyweb. Read the original here.
Borneo Post
23-06-2025
- Business
- Borneo Post
Sarawak taps Affin Bank to manage EFS 2.0 for newborns
Fatimah (seated, fourth right) and other dignitaries in a photo-call, taken during the signing of the MoA. KUCHING (June 23): Affin Bank Berhad has been officially appointed to manage the Endowment Fund Sarawak (EFS) 2.0, a long-term savings initiative for newborns in the state. The appointment was finalised through a Memorandum of Agreement (MoA) signed between the Ministry of Women, Childhood and Community Wellbeing Development and Affin Bank during a ceremony here today. This five-year mandate, effective Jan 1, 2025 to Dec 31, 2029, reflects a shared commitment to inclusive economic participation and long-term community empowerment. 'EFS 2.0 enhances the state's pioneering endowment initiative by offering each eligible newborn with a structured savings package totalling RM1,000.00 ― comprising RM550 placed in the Affin Islamic Term Deposit-i (AITD-i) with an annual profit rate of 3.40 per cent, and RM450 placed in the Affin Emas Account-i, which offers an indicative average return of 8.98 per cent per annum. 'This structured approach supports sustainable wealth accumulation over 18 years, reinforcing long-term financial well-being and enhancing the financial preparedness of the next generation,' read the statement. In addition, each beneficiary will receive a complimentary Takaful Protection Plan, which provides RM10,000 coverage for one parent in the event of accidental death or permanent disability during the child's first year ― reflecting a holistic approach to family security and financial well-being. Minister of Women, Childhood and Community Wellbeing Development Dato Sri Fatimah Abdullah said EFS 2.0 reflects Sarawak's continued commitment to invest in the future of Sarawakians from the earliest stage of life. 'With the introduction of a revamped structure and enhanced features, Affin Bank has been appointed as the new strategic partner to manage this next phase of the programme. 'The benefits projects a total value of RM2,442.12 at maturity. With over 132,000 accounts opened since inception, this next chapter with Affin Bank strengthens our commitment to ensuring that every eligible child ― regardless of background ― has access to long-term financial opportunity and a fair start in life,' she said. Affin Group president and chief executive officer Datuk Wan Razly Abdullah said the bank is honoured to be entrusted by the Sarawak government to support EFS 2.0, a meaningful initiative that promotes financial resilience for future generations. 'This reinforces our role in advancing national priorities that promote digital empowerment, responsible finance and economic resilience. 'Guided by our Affin Axelerate 2028 Plan ― anchored on three strategic pillars of unrivalled customer service, digital leadership, and responsible banking with impact ― we aim to foster a savings culture and encourage financial literacy from an early age,' he said. 'With a growing network nationwide, including nine branches across Sarawak, we continue to expand our reach to communities. In all our efforts, we are committed to creating meaningful impact ― ensuring that whatever we touch is left in a better state than when we found it.' Affin Bank Endowment Fund Sarawak fatimah abdullah newborns
Hindustan Times
18-06-2025
- Business
- Hindustan Times
Pact inked, decks cleared for 2nd Sainik School in Punjab
With the Punjab government and the Centre finally signing the long-pending agreement for the existing Sainik School in Kapurthala, the path has now been cleared for setting up a second Sainik School in a border district of the state. The state had proposed a new school in Dalla Gorian village of Gurdaspur district nearly 15 years ago, but the plan remained in limbo due to a stalemate between the Union ministry of defence and the Punjab government over the Memorandum of Agreement (MoA) for Sainik School, Kapurthala. The defence ministry had made this agreement a prerequisite for approving any new schools in the state. Officials familiar with the matter said the agreement between the state government and the Sainik Schools Society under the ministry of defence was signed in March this year, outlining their roles, responsibilities, and financial commitments in establishing and running such schools. The announcement regarding the signing of the agreement, which had been pending since 2006, was made by Punjab's defence services welfare minister Mohinder Bhagat on May 27. As per the agreement, the state government will now provide financial assistance of approximately ₹6 crore for staff salaries, pensions, NPS contributions, etc. So far, the funds were being given by the Centre as a special grant. 'The signing of this agreement has paved the way for the new school in the Majha region. We have already taken up this matter with higher authorities,' said one of the officials quoted above. The Sainik School in Gurdaspur was proposed by the Punjab government in December 2009, which also identified a 40-acre plot of land for its establishment. In June 2017, the central ministry conducted a site survey and found the area suitable for opening the school with a student strength of 250. 'There was no progress for years thereafter, as the plan got stalled over the agreement for the school in Kapurthala. However, we are hopeful now,' said the official, who did not wish to be named. The Kapurthala Sainik School was established in 1961 as a feeder institution for the armed forces. The school has been a source of pride for the state government, with an impressive list of alumni. During the previous government, Manpreet Singh Badal, the then finance minister, had met Union defence minister Rajnath Singh in 2021 and requested him to approve a school in Bathinda as well along with the one already proposed in Gurdaspur by the state government. At present, there are 33 Sainik Schools managed by the Sainik Schools Society, the nodal organisation for establishing and managing these schools across the country, with eight states having two or more of these prestigious institutions. The central government has also decided to set up 100 new Sainik Schools across the country in partnership mode with NGOs, state government schools, trusts and private schools.
Yahoo
11-06-2025
- Politics
- Yahoo
Pa. reaches reciprocity agreement with Virginia for concealed carry permit holders
Pistols for sale a Kentucky gun shop. (Courtesy Louder than Guns) Virginians who hold a permit to carry a concealed handgun will be able to keep it on their persons or in their cars when visiting Pennsylvania. Pennsylvania Attorney General Dave Sunday announced a reciprocity agreement with Virginia that allows people with Licenses to Carry Firearms to do so in both states. 'Shortly after taking office, I asked my staff to review opportunities to maximize reciprocity agreements with willing states, and ensure all existing and future agreements protect and respect standing law and constitutional rights,' Sunday said. 'Our research of law in both states revealed nothing conflicting that would disallow permit holders to carry in both states.' The legal staff in Sunday's office reached out to Virginia State Police leaders in early April about renewing a Memorandum of Agreement that provides 'mutual recognition of a license to carry a firearm' issued by Pennsylvania and a license or permit to carry a gun issued by another state. The permitting process is different in each state. In Pennsylvania, applicants apply through their county sheriff's office and a background check is conducted through the Pennsylvania Instant Check System (PICS). The application process in Virginia goes through the clerk of the circuit court of the county or city where the person lives and requires proof of handgun competency. That could include things like completing a hunter safety course or any National Rifle Association or United States Concealed Carry Association firearms safety or training course. The agreement, which applies only to handguns, allows a license holder from Virginia to carry a concealed handgun on their person or in a vehicle, in Pennsylvania, and vice versa, with a Pennsylvania license holder able to do the same in Virginia. It requires permit holders to be at least 21-years-old, carry photo ID, display the permit when asked by law enforcement, and not have a concealed carry permit previously revoked. According to Virginia State Police Superintendent Colonel Matthew D. Hanley, his state has recognized all out-of-state permits, including from Pennsylvania, since July 2016. In a May 21 letter to Virginia Attorney General Jason Miyares, he noted the execution of the agreement serves to expand the rights of Virginians since their concealed carry permits will now be recognized in the Keystone State. Pennsylvania now has concealed carry reciprocity agreements with 30 states, including Ohio and West Virginia. State police say as of June 2, nearly 1.7 million people have a license to carry permit in Pennsylvania. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
11-06-2025
- Yahoo
Pennsylvanians can now carry concealed firearms in 30th state
(WHTM) — Pennsylvanians can now carry concealed firearms in Virginia. According to Attorney General Dave Sunday, the two states signed a reciprocity agreement this week, allowing holders of licenses to carry firearms in both states. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now 'Shortly after taking office, I asked my staff to review opportunities to maximize reciprocity agreements with willing states, and ensure all existing and future agreements protect and respect standing law and constitutional rights,' said Attorney General Sunday. 'Our research of law in both states revealed nothing conflicting that would disallow permit holders to carry in both states.' The Memorandum of Agreement between the two states only applies to handguns and requires permit holders to: Be at least 21 years of age Carry photo identification Display the concealed carry permit when asked by law enforcement Not have a concealed carry permit previously revoked Pennsylvania House passes bill to expand AG oversight of health system transactions Pennsylvania now has concealed carry reciprocity agreements with 30 states. The AG's office provides a complete list online. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
