Maynier betting on vaccine to spur economic growth

THE province is betting on the rollout of the Covid-19 vaccine to speed up economic recovery and growth, according to Finance and Economic Opportunities MEC David Maynier’s budget, which was presented to the legislature.

Maynier announced a package of R217.8 billion over the medium term as part of his “war chest to defeat Covid19”. This breaks down to R72.3bn in the 2021/22 financial year, R72.6bn in 2022/23 and R72.7bn in 2023/24.

Maynier also pledged more than R60 million to be allocated over the medium term to the province’s municipal resilience project, which will support seven municipalities, including the City, to generate, procure and sell their own power to beat load shedding.

Maynier said: “The speed of a synchronised global and domestic recovery relies on progress with regard to Covid-19, which in turn relies on an effective roll-out of vaccines. We have a recovery plan and to support it, we will spend R17bn to boost economic growth and create jobs in the province; spend R2.3bn on improving safety and R115.9bn on dignity and well-being.”

But ANC provincial finance spokesperson Nomi Nkondlo said: “This budget does not provide any hope, nor does it address the persistent challenges that are affecting the poor on a daily basis. Instead of addressing pressing and persistent challenges, including the poor and ageing road infrastructure and drainage system that is collapsing in poor, working-class communities and the insufficient school capacity, Maynier chose to play to the gallery by declaring a budget for provincial procurement of Covid-19 vaccines, with minimal details.”

Good party MPL Brett Herron said: “We welcome the provisions made for the fight against Covid-19; however, there is a disproportionate investment in law enforcement instead of investment in the living conditions which give rise to violent crime and gangsterism.”

DA provincial finance spokesperson Deidré Baartman said: “Whilst working towards a stable electricity supply, we cannot lose sight of the importance of assisting residents to keep and grow jobs. Hence we support the provincial government’s commitment of R29bn over the medium term for the development of infrastructure in the province.”