Chairperson, one of the outstanding features of the previous administration was the strong performance of the economy and the sustained growth over a 10-year period with a strict fiscal and monetary policy that positioned us well to face the rigours of the present economic downturn; and commendations were attributed to the previous Finance Minister, who is here now. I just want to say to you, as well as to the former commissioner of Sars, thank you for your hard work.
However, the economic crisis has hit us and a number of productive sectors very hard, slowing growth and affecting jobs dramatically, and clearly government intervention was necessary. One can have a debate as to how long it should be, whether it is temporary or permanent, but that is an issue for another debate. In this regard, the ACDP supports the Nedlac framework response with government adapting to industrial financing and incentive instruments, and development finance institutions assisting firms in distress. The public sector infrastructure programme of R787 billion over the next three years remains a hugely important fiscal stimulus package to deal with the recession, which the ACDP supports. We also appreciate the countercyclical stance that has assisted us in dealing with the crisis. However, we are extremely concerned and share the concerns expressed about revenue projections. During the finance briefing it was indicated that it would be R10 billion, today we hear that it is R19 billion, so it is obviously a very large area of concern.
Our GDP growth has, again, been revised downwards and we will undoubtedly exceed the announced budget deficit of 3,8% of the GDP. If our debt service costs rise, clearly, as has been indicated, this will mean that we have less money to spend on government programmes. In view of this, there is an urgent need to recognise and address the problem of wasteful and ineffective expenditure, as pointed out by the Deputy Minister.
The ACDP shares concerns about the fact that there is insufficient control of foreign travel, advertising, PRO activities and consultancy services. We also share the view that there must be stricter oversight of the activities of and executive remuneration in agencies and government enterprises. We, as MPs, need to take up the challenge issued during the February Budget Speech that we should play a more active role in challenging accounting officers to plan the efficiency saving initiatives upfront and report regularly on progress.
In conclusion, the ACDP wishes to congratulate the Minister and Deputy Minister on their appointment, and thanks all officials for their commitment and dedicated service. The ACDP will support this Budget Vote. I thank you. [Applause.]