COVID-19: Gauteng Provincial Treasury Allocated R807 million For 2020-2021 Financial Year

GAUTENG provincial treasury has been allocated a budget of R807 778 000 for the 2020-2021 financial year, MEC of Finance Nomantu Nkomo-Ralehoko announced during her budget vote speech on Tuesday.

Nkomo-Ralehoko said the economic situation in South Africa and that of the entire world has worsened since the outbreak of the novel coronavirus pandemic.

“Today, all countries in the world are facing a global health and economic emergency resulting from the Covid-19 pandemic,” said Nkomo-Ralehoko.

“According to the World Bank’s June 2020 Global Economic Prospects, the world’s economy is experiencing the deepest contraction since World War 2. In fact, even some of the richest countries are grappling with biggest economic declines in per capita output since the year 1870.”

“South Africa is part of the globalized world, as such our economy has been plunged into a recession and is estimated to contract by 6% this year. Millions of our people have