Hon Chair, the budget speech delivered by the Minister was honest and straightforward. The Minister sketched a very grim economic outlook which in turn means that our future is not secured. Our economy he said, is failing to even meet GDP growth of 1%, thus the masses of unemployed will remain on the jobless benches. Therefore, news of our country slipping into a technical recession came with no surprise and is indicative of what is yet to come with regards to credit ratings.
IsiZulu:
Okubuhlungu kakhulu Ngqongqoshe ohloniphekileyo lolu swebhu luzothwansula abantu abangafanele abangenacala kuzo zonke izinkinga izwe lethu elibhekene nazo. Uma ungabheka nje Ngqongqoshe ohloniphekileyo ukucosula kwakho imali esabelweni sezokuHlaliswa Kwabantu loku ungakulokotha kanjani sazi kahle ukuthi izigidi zabantu bakithi azinawo amakhaya zihlala emjondolo.
Ukucosula kwakho esabelweni somasipala lokhu kusho ukuthi abantu bakithi abahlala emakhaya abangenayo imigwaqo yibona abazosokola kakhulu.
English:
The truth is, economic salvation promised by political freedom three decades ago has not yet materialised despite all promises and all the talk shops and all resources which have been dumped into the hands of the few and not the many. We can grow our economy, hon Chair, and develop the local market, when we place our resources and strengthen our efforts in building capacity in the hands of the people who reside in townships and in our rural areas.
Because as the IFP, we believe that local development of our economy will impact more lives and lift more people out of despair than narrowing our focus on only attracting foreign direct investment.
We welcome the Minister's commitment to fight the real enemies of our people. Our people continue to suffer because of rampant corruption, lack of consequences for wrongdoing and poor administration and financial control by those who are elected or appointed in our local, provincial and national departments and government.
Honourable Chair, the IFP maintains that it is not a time for us to panic as a country in a time of recession or now that we are facing more challenges such as the rising oil prices, the outbreak of coronavirus or markets plummeting as stocks fall and fear rises. It is time now that we save less and spend more in investing in our economy as government, private sector and ordinary citizens; because if we save too much, we will place strain on the economy, at a time that we should actually be circulating our rand.
We believe that it is a time in which all South Africans works together to turn this tide and that the government effectively stimulate the economy by ensuring that it supports industries which have shown poor growth figures and by pushing real rigorous reforms in the management of our SOEs and furthermore to focus our attention on other key sectors which are unable to get off the ground.
We need to grow our local small, micro and medium enterprises within our economy if we want to affect real meaningful economic justice for all our people. The IFP supports the report. Thank you. [Applause.]