Mr Deputy President
Governor of the South African Reserve Bank
Members of the Executive Committees for Finance
Fellow South Africans
用户说，语音信息的传输速度很快，可以在微信平台上对话。但和微软(Microsoft Corp.)的Skype等免费语音应用不同的是，在微信上还可以另选时间回复别人发来的语音信息。北京微信用户Robin Wang说，我可以决定什么时候回复，以及回不回复。
Today I table:
The Division of Revenue Bill
The Appropriation Bill
The 2020 Budget Review
The 2020 Tax Proposals
Rounding out the top-performing sectors of 2014 was an unlikely pair: tech (+16%) and consumer staples (+13.2%)—the most aggressive and most defensive areas of the market, running side-by-side toward the finish line, with confounded spectators struggling to concoct a narrative for this. Why would the least cyclical sectors—healthcare, staples and utilities—lead the markets in a year in which unemployment plummeted and GDP growth gained momentum? Much to the chagrin of the pundit class, sometimes there are no satisfying answers. To quote Kurt Vonnegut:
On this season I have but one thing to say: I love you.值此佳节，我只有一句话要告诉你：我爱你
Mr President, in your State of the Nation Address two weeks ago you reminded us that our capacity to win is not diminished. We have it within ourselves to be the best in the world. Congratulations to Miss Universe Zozibini Tunzi, the Springboks, and the Proteas, who won while we were preparing this Budget.
Before democracy our growth was pedestrian. Indeed, between 1990 and 1992, the economy contracted for three years in a row.
这间增加的厨房大约40英尺长(约12米)，风格与原建筑保持一致，内有复杂的天花板木制结构和几处由世纪工作室(Century Studios)设计的彩色玻璃板，该工作室是明尼阿波利斯市的一家公司，其玻璃确保来自弗兰克·劳埃德·赖特(Frank Lloyd Wright)曾指定的那家芝加哥制造商。厨房里的不锈钢电器包括一台五英尺宽（约1.5米）的炉灶和一台Sub-zero的冰箱。餐厅区经由10英尺高（约3米）的玻璃门通往屋后的一处露台。
Few years in recent decades dawned with as much of a sense of pessimism as 2014. One consistent theme in the predictions for the year was that 2014 looked eerily similar to 1914. Most pundits predicted doom and gloom, especially in east Asia. Yet, while there were many horrific events — from thedowning of flight MH17 over Ukraine, to the abduction of hundreds of schoolgirls in Nigeria and the rise of the Islamic State of Iraq and the Levant — we have avoided outright world war. Now that the year is closed, with no repetition of 1914, it may be wise to investigate why the pundits were wrong, particularly on their ideas around the potential for conflict in Asia.
In the five years from 2003 to 2008, growth averaged around 5 per cent, and South Africa was amongst the fastest-growing major economies. The unemployment rate improved by 5 percentage points.
Essentially this reform will help the government to focus on performing its due role more effectively instead of overreaching itself, because that will only tie down our businesses, cut government’s efficiencies and even public credibility.
“Ex Africa semper aliquid novi”
Housing started last year on a high note. It ended the year facing mounting worries about higher interest rates, supply constraints, tight credit and a host of other problems.
Achieving economic growth and higher employment levels requires a plan.
“Do you not know that those who run in a race all run, but only one receives the prize? Run in such a way that you may win.”
What are the conditions under which we must implement our plan to win?
The commerce ministry data showing plummeting real estate investment follows an overall 53 per cent rise last year to a record $33bn, according to separate data from JLL, a global realtor.
Asia (excluding Japan) is expected to grow by 5.8 per cent in 2020. The Coronavirus is a source of uncertainty to this forecast.
Against this backdrop we forecast that the South African economy will grow by 0.9 per cent and inflation will average 4.5 per cent in 2020.
Blue skies will not be, and should not be, a luxury.
These include, amongst others:
The impending change to the electricity regulatory framework
Persistent electricity problems will, however, hold back growth. Over the next three years, we expect growth to average just over 1 per cent.
"Our data show that the user gave her age as 28, not 13, as reported in the media," the employee said.
TOWARDS AN ECONOMIC STRATEGY
It scares/intimidates people and they don't know better anyway.
For all of these films, Ms. Swinton used the same tooth-designing specialist, Chris Lyons of the company Fangs F/X in London. His work has led him to designing all manner of teeth, including gold fangs fitted for a Doberman used in a Kanye West music video.
Strengthening the macroeconomic framework to deliver certainty, transparency and lower borrowing costs
Focusing spending on education, health and social development
Modernising “network industries” and restructuring our state-owned enterprises
Implementing a re-imagined industrial strategy
Focusing on job-creating sectors, such as agriculture and tourism
Today, we report on our progress. “We are moving forward!”
PRUDENT FISCAL POLICY
OUTLINE OF THE BUDGET FOR 2020/21
Accelerating price growth for new housing in cities across China lost more steam in November amid a flurry of purchasing curbs in major cities, though price gains from a year earlier remained comfortably in double-digit territory.
Budgets are complex, but the numbers are simple. The numbers show that we have work to do.
她曾为Glitzy Girl、Sally Miller和Purple Pixies等服装公司担任模特，也为《Teen Vogue》《Cosmopolitan》《Elle》和《Seventeen》等杂志拍摄照片。
Expenditure is projected at R1.95 trillion, or 36 per cent of GDP.
This year, China will further enhance international cooperation in fighting corruption, said a statement adopted at the second plenary session of the 19th CPC Central Commission for Discipline Inspection.
Indeed, there is some real personal income tax relief.
The block chain has such rich potential that there is an initiative underway to create additional “side chains,” though there is controversy around that idea. “We don’t really want to mess with the main block chain right now,” says Adam Ludwin, CEO of Chain, a block chain API that makes it easier to create bitcoin applications. “It works, we don’t want to break it.”
Hard-working tax payers, who earn on average R265 000 a year, will see their income tax reduced by over R1 500 a year.
We are also proposing broadening the corporate income tax base. This additional revenue will be used to reduce the corporate tax rate in the near future to help our businesses grow.
One of the things that makes Guardians such a great superhero franchise is its sense of humor—which is full of self-deprecation and sarcasm. It's not like you're going to watch this movie and laugh your way through it, but you'll at least have some moments of "ha ha, Groot," and "lolololol Chris Pratt."
Stallone's iconic underdog has spent decades inspiring athletes and nonathletes alike to fight for their goals. As a poor local boxer, Rocky gets his break when he enters a fight with World Heavyweight Champion Apollo Creed. Due to his rigorous training and Creed's relative apathy, Rocky becomes the first challenger to ever push Creed through all 15 rounds.
它还体现在萝塞拉·亚尔迪尼(Rossella Jardini)为莫斯奇诺(Moschino)设计的2009年春夏系列的蝴蝶结和宽松裙子上以及以玛丽·匡特(Mary Quant)为灵感的2013年春季系列中。
To support the property market, the threshold for transfer duties is adjusted. Property costing R1 million or less will no longer be subject to transfer duty.
How much time? And to what extent will bitcoin, in seeking wide adoption as a currency and as a protocol for new applications, face the hurdle of mainstream consumers’ lack of understanding? Adam Ludwin suggests that people don’t need to understand how the technology works to appreciate it. “It has the quality of early Internet,” he says. “People don’t actually know anything about how it works, but they don’t need to know, or care. They just know they turn their computer on and can check email.”
We have increased excise duties to keep pace with inflation.
- 成都：建设“五中心一枢纽” 构建五大主体功能区
- 经营压力增加 橱柜企业需迎合发展趋势
- 楼市“有变” 木门及家装行业将迎来什么?
In line with Department of Health policy, we will start taxing heated tobacco products, for example hubbly bubbly. The rate will be set at 75 per cent of the rate of cigarettes. Electronic cigarettes, or so-called vapes, will be taxed from 2021.
Despite this increase, the liabilities of the RAF are forecast to exceed R600 billion by 2022/23. We need to take urgent steps to reduce this risk to the fiscus and bring about a more equitable way of sharing these costs. One option is to introduce compulsory third-party insurance.
13 Reasons Why
《余秀华：从普通农妇到著名诗人》(A Chinese Poet’s Unusual Path From Isolated Farm Life to Celebrity)
3. Tablets meet viruses.
REDUCING STRUCTURALLY HIGH SPENDING
But fiscal sustainability must be uppermost in our mind.
Chinese industrial profits slumped by a record 8 per cent last month, as Beijing’s targeted stimulus efforts failed to arrest a slowdown in the key driver of China’s economy.
Total consolidated government spending is expected to grow at an average annual rate of 5.1 per cent, from R1.95 trillion in 2020/21 to R2.14 trillion in 2022/23. This is mainly due to mounting debt-service costs. Non-interest spending declines on average over the MTEF in real terms.
n. 人口 ，(全体)居民，人数
The total reduction is mainly the result of lowering programme baselines and the wage bill by R261 billion. These are partially offset by additions and reallocations of R111 billion. Of this, more than half, or R60 billion, is for Eskom and South African Airways.
Let me unpack the R261 billion in baseline spending reductions.
Adjustments are mainly in conditional grants for provinces and municipalities.
Stanford’s alumni have the highest salary on average at $195,000 but overall the top 15 MBA programmes are closely matched in terms of income, career progress and satisfaction. All but one have average alumni salaries greater than $150,000, with a pay increase of about 100 per cent compared with their pre-MBA income.
But yeah, of course they should tank. And so should the Kings. Again. And the Heat. And the Magic. These are mediocre teams, at best, without high upsides even in the most optimistic projections.
Over the three years, public transport spending is adjusted by R13.2 billion, mainly on allocations to the Passenger Rail Agency of South Africa and the public transport network grant. The planning and implementation of integrated public transport networks will consequently be suspended in the Buffalo City, Mbombela and Msunduzi municipalities.
It is also reported that Chinese citizens made 1.26 billion cinema visits in 2015, a roughly 51 percent increase from a year earlier.
While some of these savings are good for the fiscus, in many cases we are also making difficult and painful sacrifices. It is therefore important that we direct our constrained resources to areas that have a high social impact and have the largest economic multipliers.
THE WAGE BILL
“The environment is gaining increasing appreciation from policymakers,” Alistair Hewitt, head of market intelligence at the World Gold Council, said. “Gold mining has come under tighter regulations.”
Public servants do crucial work for our country, often in trying conditions. The governing party is a firm believer in the critical role of the state in development. For this reason, we need qualified, motivated and effective staff.
"I am a doctor and I prefer to speak frankly. A person's health is related first to eating, drinking and air. Any kind of development will be nothing if the quality of food, water and air is not good." ZHONG NANSHAN, NPC deputy and academic with the Chinese Academy of Engineering
Between 2006/07 and 2011/12, we were able to add about 190 000 employees. However, at the same time government wages also increased significantly.
Madam Speaker, we cannot go on like this. Classroom sizes are growing, hospitals are getting fuller and our communities are becoming increasingly unsafe.
First, says Tom Kozenski, a supply-chain expert at consulting and training firm RedPrairie, most people still think of logistics -- if they think of it at all -- as a "non-sexy" field centered on boring, low-paid warehouse work.
The employer has tabled an agenda item on the management of the public service wage bill at the Public Service Coordinating Bargaining Council, the focus is to discuss containment of costs in the final phase of implementation of the current wage agreement.
There is more than one way in which this goal can be achieved.
Explaining how he adjusted the novel, he said: 'I think the answer is that in the book I remain true to every one of Bond's things.
WASTEFUL EXPENDITURE AND CORRUPTION
The President’s instruction requires a dynamic and appropriate mix of quantity, quality, capacity and capability in the administration of the state.
We are moving forward with reforms to the procurement system with a focus on value for money and maximising the quality and quantity of services. Cabinet approved the publication of a new Public Procurement Bill.
n. 人口 ，(全体)居民，人数
We will propose a new law to stop excessive salaries in these public entities.
We are already acting on fruitless and wasteful expenditure. Last year, this House amended the Public Audit Act to empower the Auditor General to:
Take binding remedial actions
To show the determination of the executive to deal with runaway costs, we will implement a number of steps.
- Abolishing the current wasteful subsidence and travel system
- I'm only a child yet I know if all the money spent on war was spent on ending poverty and finding environmental answers, what a wonderful place this earth would be! 我只是一个小孩，然而我知道，要是把花在战争上的钱，用在找寻环境问题答案上来，或用在结束贫穷并找到解决的方案上来，这个星球将是个多么美好的地方啊！
- 欧盟强制实施木材新规 木家具行业面临“洗牌”危机
- 会“艺术”的涂料 “焕”醒沉睡的空间价值
APPROPRIATE MONETARY POLICY
The twin of our fiscal framework is appropriate monetary policy.
Australian and Spanish schools are doing well, however. Each country’s three representatives have risen up the ranking. Sydney’s Macquarie Graduate School of Management is Australia’s top placed institution at 49 and Spain’s IE Business School moved up four places to eighth, the first time since 2012 that the Madrid school is back in the top 10.
The U.S. will perform well even if the rest of the world doesn't
9. The Chinese militarywill demand and receive vastly expanded investments in the form of advancedaircraft and ships.
Stanford Graduate School of Business in California rises from fifth place in 2016 to second, a position it last held in 2014. The Wharton School of the University of Pennsylvania is in third place.
For our Aloe Ferox to grow to its full potential, we need to do things that will help it in the medium to long-run – for example, augmenting the soil with the right amount of organic manure, providing the right amount of sun and the correct amount of water. For a fast-growing economy we need to make sure our children are well educated, our people are healthy and our money is invested properly.
58同城 贝壳 安居客等房源发布不规范被点名
Consequently, the largest spending areas will be learning and culture, which receives R396 billion followed by health R230 billion, and social development with R310 billion.
One such development is 60 Water Street in Dumbo, a 290-unit rental with a 24-hour concierge and a roof deck offering Manhattan views. Leasing begins next month, with rent for a two-bedroom starting at a jaw-dropping $6,018 a month. “People want that condo-like living, even though they’re renting and not owning,” said Jodi Ann Stasse, the managing director of new developments for Citi Habitats.
Transfers to provinces support schooling for 13 million children and healthcare for 49.1 million South Africans. It is in this context that taking forward consultation on the NHI is important.
Reality Competition Program: “The Voice” (NBC)
The Department of Higher Education and Training will reallocate existing funds to undertake a feasibility study for the establishment of a new university of science and innovation in Ekurhuleni.
THE INFRASTRUCTURE FUND
In fact, capital spending is the fastest growing component of non-interest spending. This spending is complemented by the Infrastructure Fund. Over the next three years the Development Bank of Southern Africa will package blended finance mega-projects of least R200 billion. Government has committed R10 billion over the next three years.
The night's biggest winners may have been hosts Ms. Fey and Ms. Poehler, whose second time hosting the Hollywood Foreign Press Association's Beverly Hills, Calif., ceremony was just as successful as last year's show (a six-year ratings high with 19.7 million viewers).
Gitanjali's invention was inspired by the scandal in Flint, Michigan, where officials are facing charges, she told Business Insider.
"Last year, 1.2 million Chinese visited Australia. We anticipate this will grow during the China-Australia Year of Tourism and will continue to grow afterward."
To date, Jobs Fund projects have created more than 175 000 permanent jobs, and helped 21 000 people into internships and created 59 900 short term jobs. Of these, 65 per cent went to youth.
The 2018 Academic Ranking of World Universities released last Wednesday by Shanghai Ranking Consultancy reveals that 62 research universities in China have made their list of the world's top 500 universities.
2010 10-year Treasury yield (year-end): 5.0%
We intend to make this intervention a resounding success.
Andersl?v, Sweden was plagued by residents with green hair. Johan Pettersson discovered that there was too much copper in their water.
Grants reduce inequality and protect the most vulnerable in society.
I am happy to announce that grants are adjusted as follows:
R80 increase for the old age, disability and care dependency grants to R1860 per month
R40 increase for the foster care grant to R1040 per month
Changing the way we provide social grants has generated about R1 billion per annum in efficiency savings, which will be partly used to raise the daily subsidy per child.
Madam Speaker, the next component of our plan is to modernise network industries and to restructure the state-owned enterprises.
Government will do “whatever it takes” to ensure a stable electricity supply. As I said, it is our number one task. We have allocated R230 billion over ten years to achieve the restructuring of the electricity sector.
There are 27 companies that are dropped from the list this year, including AT&T, IBM, Siemens and Xerox.
一部富有感染力的、描写一名年轻黑人男同性恋成长故事的影片《月光男孩》(Moonlight)，获得2017年奥斯卡(Oscar)最佳影片奖。不过，该片险些与此奖项擦肩而过，原因是在混乱的颁奖现场，此奖项曾被误颁给了《爱乐之城》(La La Land)。
Determinations to implement the Integrated Resource Plan of 2019 are finalised and await the concurrence of the National Energy Regulator.
SOUTH AFRICAN AIRWAYS
I wonder if the Pelicans are in that position, too. It looks like their highest Brow-era pick will be Buddy Hield. That's not optimal.
Mr Draghi hit back the day after the December vote, saying that there was no “limit” to what eurozone policymakers could do to return inflation to its target.
As we ring in the New Year, let’s take stock of where we are at with the oil markets. 2014 proved to be a momentous one for the oil markets, having seen prices cut in half in just six months.
A 14-year-old Chinese boy overcame two of humankind's most dreaded fears--getting stuck in an elevator and getting homework done, in a single night thanks to his quick-witted character.
'There are two ways of doing natural language processing: statistical or semantic,' D'Aloisio explains. A semantic system attempts to figure out the actual meaning of a text and translate it succinctly. A statistical system-the type D'Aloisio used for Summly-doesn't bother with that; it keeps phrases and sentences intact and figures out how to pick a few that best encapsulate the entire work. 'It ranks and classifies each sentence, or phrase, as a candidate for inclusion in the summary. It's very mathematical. It looks at frequencies and distributions, but not at what the words mean.'
OPENING UP OUR MARKETS TO TRADE WITH THE REST OF THE CONTINENT
gala＝milk牛奶，milky way＝银河系以xy结尾的只有4个单词，xy表示交织在一起，象坐标线一样，银河系也象星星交织在一起。参：neodoxy（n 新学说；新见解）；orthodoxy（adj 正统的）；heterodoxy（n 非正统；异说）
The highest newly ranked school is Université Paris-Dauphine at 57.
The public prosecutor has decided to release several individuals and will proceed with the prosecution of at least five others.
We want to encourage South Africans abroad to keep their ties with the country. We will raise the exempt amount for foreign remuneration to R1.25 million. We will phase out the administratively burdensome process of emigration through the South Africa Reserve Bank.
To implement the reimagined industrial strategy:
Countrywide, month-on-month prices rose in 59 out of 70 cities last month – down from 62 – were unchanged in four and fell in eleven. Cities where prices fell from the previous month included Shenzhen (down 0.3 per cent), Hangzhou (down 0.4 per cent) and Xiamen (down 0.2 per cent).
Industrial business incentives worth R18.5 billion will create and retain approximately 56 500 jobs
R6.5 billion is allocated for small business incentive programmes of which R2.2 billion will be transferred to the Small Enterprise Development Agency
4. Jennifer Aniston - $21 million
'It's all bullshit. It's a lie. It's a Band-Aid lie to make them feel better. I know these people, I know they're lily-livered, and as long as it looks good on the surface, to them, that's enough.'
LOWERING THE COST OF DOING BUSINESS
Steps are being taken to address South Africa’s lagging productivity growth and reduce the cost of doing business.
The Competition Amendment Act came into force on July 2019, strengthening the Competition Commission’s powers. The Commission has conducted inquiries into a number of sectors to strengthen competition.
最佳综艺脱口秀：《约翰?奥利佛上周今夜秀》(Last Week Tonight With John Oliver, HBO)
China's booming cyberstar economy has gone through three stages -- the first based on text, then text and images, and now video thanks to the availability of broadband networks.
The spectrum licensing plan was released in November, preparing the way for auctioning high demand spectrum. ICASA will be appropriately capacitated for this. A voucher system will be introduced to allow households to acquire digital devices.
Over the medium term we will support Agriculture and Tourism. Government has allocated R495.1 million to the Department of Agriculture, Land Reform and Rural Development to improve compliance with biosecurity and support exports.
This whole week was a train wreck: the unconvincing denials, the timing of the Cousins trade on All-Star Sunday, the pathetic return value,
To support tourism, we will engage with the tourism industry on formalising the tourism levy.
Madam Speaker, fighting corruption is a priority of this Administration.
This will enable the appointment of approximately 800 investigators and 277 prosecutors who will assist with, among other things, the clearing the backlog of cases such as those emanating from the Zondo commission.
Jacobs vowed at the meeting to improve management and cooperation with the association to enhance the credibility of the science. He stressed the publisher was not targeting China, as it had also retracted papers by experts from other countries, the statement said.
OFF-BUDGET INITIATIVES TO GROW THE ECONOMY
Working with the financial sector, a pilot of the Help to Buy scheme has supported over 2 000 families to buy their own homes. For every R1 subsidy provided by government, the scheme crowds in R8 from the private sector. In a single year, the Help to Buy scheme has supported nearly R1 billion in new lending.
Last year, this House passed legislation which will allow state-owned enterprises to apply for banking licences. In July 2019, I tasked the Deputy Minister of Finance with the responsibility to undertake the state bank project. Madam Speaker, I am pleased to inform the House that preferred options for the establishment of a bank are now ready.
We will also consolidate the currently fragmented system of national and provincial Development Finance Institutions.
SOVEREIGN WEALTH FUND
Mr President, a Sovereign Wealth Fund is an important long-term tool for saving and investment for future generations. It can also contribute to strengthening the fiscal framework. We must learn to save during the good times, and a Fund can play an important role as a counter-cyclical fiscal tool.
Demagogues are the Achilles heel of democracy.
Schools relied on a wide range of technologies to ensure lively interactive delivery of their programmes including virtual classrooms, live sessions and multimedia teaching materials. Alumni were asked to rate delivery as well as indicate how effective online exams were. Results were encouraging. Schools appear to be getting better at online delivery. Every aspect of online delivery was rated higher than it had been in previous years, showing a greater level of satisfaction.
Succeeding as an entrepreneur takes hard work and persistence because, unfortunately, there is no business-startup fairy who magically bestows success on small businesses and their owners.
While oil prices may rebound in 2015, they almost certainly won't return to $100 a barrel any time soon, barring a geopolitical crisis in a major petroleum-producing region. So the gift will keep giving this year and further feed an accelerating U.S. recovery.
A new paper on the Dutch debacle, coauthored by Peter Koudijs at Stanford Graduate School of Business, turns up modern-day lessons about the not-so-scientific ways in which personal experience rather than market information can determine optimism, pessimism, and access to credit.
AN EFFICIENT AND CAPABLE STATE
The National Development Plan calls for a capable and efficient state that creates the right environment for the private sector to flourish.
The 24K pizza is available at Industry Kitchen, an eatery in New York City's South Street Seaport, for a whopping $2,000 and, as the name would suggest, is noted for being covered in flakes of 24-karat gold.
SARS is an integral part of the capable state. We are focused on re-establishing institutional integrity and fighting criminal activity. Just this past week two individuals were convicted for up to 168 years’ imprisonment for tax fraud.
For all South Africans, the “state” is their municipality.
Managers are expected to manage the people below them on the corporate hierarchy, but the best managers also have ways of managing their superiors and coworkers on behalf of their team. Many times this means effective communication, managing expectations, and requesting help in a timely manner。
Mr President, the National Treasury asked members of the public to provide tips to guide our thinking as we shaped this Budget. Today we are joined by Ms Akhona Mgwele from Gauteng who advised us to “support greater local economic development in municipalities.” We agree with her!
When you need help, reach out to people in your networks – that’s what they’re there for. Whether you need a confidence-boosting pep talk or advice about building your technical experience — your mentor, your colleagues, and your manager can help. You may not know how to do something today, but chances are you’re smart enough to find someone who can help you learn it. And once you do, don’t unfasten your seatbelt – there’s always going to be another challenge headed your way.
The Minister of Cooperative Governance and Traditional Affairs and I have agreed that our officials will find ways to use the allocations made through the Municipal Infrastructure Grant to ensure that municipalities not only build new infrastructure but also maintain the infrastructure they already have.
After working for half a year, the average monthly income for 2014 graduates is RMB3,487, a significant increase from RMB3,250 in 2013 and RMB3,048 in 2012.
All these steps build a capable state.
Madam Speaker, there are a number of entities that report to the Ministry of Finance.
它还体现在詹巴蒂斯塔·瓦利(Giambattista Valli)最近的秋冬时装秀上，那场时装秀中充满泡泡袖印花长款衬衫和配套裤子，以及低腰直筒女学生连衣裙；还体现在麦丝玛拉(MaxMara)向乔治·巴里斯(George Barris)1962年为玛丽莲·梦露(Marilyn Monroe)拍摄的照片致敬的系列。
The country’s money laundering system is currently undergoing a peer review, which will help strengthen the fight against illegitimate and illegal flows. The South African Reserve Bank will in future play a more integral part in this fight.
The tightening drove some enterprises seek other financing options such as bonds or listing on the National Equities Exchange and Quotations (NEEQ).
The National Treasury will take steps to strengthen the budget process.
Winning is not easy.
Less than two years before winning the World Cup, the Springboks lost 57-nil to the All Blacks. Miss Universe did not win her first attempt at Miss South Africa.
Will China's stock market climb back to the 6,000-point mark it reached two years ago? The stock market was at its most bullish back then, but if you ask the same question now, some would cite a global economy still reeling from a recession.
To paraphrase Charles Dickens, who I quoted in my first address as Minister of Finance, we will make these the best of times.
A word of appreciation to the Deputy Minister of Finance, The National Treasury Director General and his team.
Top male vocalist: Jason Aldean
My gratitude for the Parliamentary Committees who work tirelessly to process the legislation accompanying the Speech.
“With confidence we lay our case before the whole world, whether we win or die, freedom will rise in Africa, like the sun from the morning clouds”.
Mudzimu fhatutshedza Afurika
What the average person earns in different countries around the world (Supplied by LoveMoney)