Hon House Chair, hon Ministers and Deputy Ministers, hon members, fellow South Africans, ladies and gentlemen, the African National Congress supports the 2019 Medium-Term Budget Policy Statement and 2019 Adjustments Appropriation Bill, hereafter referred to as the Bill. We also welcome the overall net adjustment effect to vote on appropriations totaling R14,868 billion.
The committee looked at whether expenditure responds to the terrible triplets of inequality, poverty and unemployment. We are also acutely aware that these challenges can only be overcome in the context of inclusive economic growth, a sustainable debt-to-GDP ratio and a supportive macroeconomic environment, especially supportive fiscal and monetary policies. Of greatest concern is the downward revision of the GDP growth forecast from 1,5% to 0,5%, and the growing unemployment rate of 29,1% is also problematic.
The following developments internationally and nationally continue to pose risks to initiatives to recover the economy: the Rand Merchant Bank, RMB's, business