Estimates of Provincial Revenue And Expenditure

Estimates of Provincial Revenue

And Expenditure

2015/16

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To obtain additional information and / or copies of this document, please contact: Eastern Cape Provincial Treasury Division: Communication Services Private Bag X0029 Bhisho 5605 Contact Person: Ms. Nomawethu Skoti Tel: (040) 1010 157 Email: nomawethu.skoti@.za The document is also available on the internet at: .za ISBN: 978-0-621-43339-5 PR No: 22/2015

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Estimates of Provincial Revenue

And Expenditure

2015/16

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FOREWORD

The South African economic landscape continues to be plagued and characterised by challenges such as the current energy crisis, continued slow-paced economic growth; the effects of the 2013/14 platinum strike and the ongoing government sector wage negotiations looms a constrained fiscal environment. Poverty, inequality and unemployment alongside significant budget deficits, restrict the country's ability to address persistent economic challenges and therefore continue to retard economic growth.

The provincial economy is not immune to the sluggish global and national economies. The impact of such has resulted in the productive sectors not growing at expected levels. Further reduction in the provincial equitable share as a result of Census 2011 (specifically outward migration) dampens the speedy response to some of the economic challenges confronting the province. The challenge is to continue finding ways of efficiently and sustainably utilising limited resources and maintaining a secure financial position, to enable the delivery of the provinces development priorities and desired outcomes.

Notwithstanding the global and national fiscal environment, in the recent past, the province has been committed to growing the regional economy by promoting and mobilising investment, creating decent work opportunities for all, ensuring the economic empowerment of entrepreneurs, women and youth amongst other interventions.

Therefore, the 2015/16 budget is a culmination of a structured and extensive process designed to maintain fiscal stability and manage risk in a constrained fiscal environment ensuring that existing services are safeguarded and that additional spending pressures are managed in the medium-longer term. This budget further translates its interventions in ensuring a better life for all through the following: x Continued intervention in struggling municipalities; x Mobilisation of resources towards the eradication of poverty by improving food security through

agriculture; x Skilling and improving the provincial human capital through quality education; x Ensuring increased access to and the improvement of basic health services; and x Improving access to basic services especially rural roads. In conclusion, the 2015 MTEF budget will continue to serve as an important platform for facilitating economic growth in the region and reprioritise consumption expenditure towards investment expenditure.

Honourable Sakhumzi Somyo MEC FOR ECONOMIC DEVELOPMENT AND FINANCE

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