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2015 Medium Term Budget Policy Statement Speech …

2015 Medium Term Budget Policy Statement Speech Minister of Finance Nhlanhla Nene 21 October 2015 2015 Medium Term Budget Policy Statement Speech 2 Honourable Speaker Mister President Deputy President Cabinet Colleagues and Deputy Ministers Governor of the Reserve Bank MECs for Finance Honourable Members Fellow South Africans It is my privilege to present the 2015 Medium Term Budget Policy Statement , together with the Adjustments Appropriation Bill and the Division of Revenue Amendment Bill for 2015/16. Honourable Members, global economic growth has slowed. Commodity prices remain depressed and unemployment has increased in many parts of the world. Growth is considerably lower in our economy than we projected in February. This is in part a consequence of the global slowdown, but it also reflects our energy constraint and structural weaknesses in our economy. In these challenging circumstances, we have had to revise our revenue estimates down for the period ahead.

2015 Medium Term Budget Policy Statement Speech 3 Growth and economic transformation Over the past decade, there has been substantial progress in our social and economic

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