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Treasury allocates R2bn over 3 years to rebuild Parliament in Cape Town

The National Treasury has set aside about R2 billion over three years for rebuilding Parliament after it was badly damaged by a blaze in January.

In his 2022 Medium-Term Budget Policy Statement (MTBPS ) speech, Finance Minister Enoch Godongwana said: “We are working closely with the presiding officers of Parliament to restore and rebuild our Parliament.” Godongwana said the government would also spend R118 million to deal with interim relocation costs and to prepare for the rebuilding of Parliament.

According to the minister, over the medium term, the government consolidated spending on building new and rehabilitating existing infrastructure will increase from R66.7 billion in 2022/23 to R112.5 billion in 2025/26. This includes roads, bridges, storm-water systems, and public buildings. Godongwana said this makes spending on capital assets the fastest-growing item by economic classification.

“By delivering on public sector investments, we will crowd-in private investment, improve public service provision, and address backlogs; thus igniting a virtuous cycle of higher investment, growth and employment potential. We are also committed to improving state capacity, project planning and preparation, procurement practices, and contract management.,” he said.

Godongwana said this would address chronic underspending of allocated infrastructure budgets, and improve value for money and efficacy of the country’s investments.

Source: www.iol.co.za

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Treasury allocates R2bn over 3 years to rebuild Parliament in Cape Town

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