Mboweni gives more money for NPA, moves on sovereign wealth fund
The National Prosecuting Authority (NPA), the Special Investigating Unit (SIU) and the Hawks have all received major cash injections to assist in the fight against corruption.
Finance Minister Tito Mboweni also made major announcements on the proposed state bank and the sovereign wealth fund.
Mboweni delivered his budget speech in the National Assembly on Wednesday.
ON THE NPA
More funds have been allocated to the NPA to assist it in the fight against corruption.
The NPA, the SIU and the Hawks will receive a cash injection of R2.4 billion.
"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," Mboweni said.
ON A STATE BANK
Minister Mboweni also told the National Assembly that government is ready to establish its own state bank.
According to Mboweni, the architecture of the state bank will be that of a retail bank operating on commercial principles.
"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," he said.
ON THE SOVEREIGN WEALTH FUND
Another important announcement made by Mboweni is that government is targeting a capital amount of about R30 billion for the sovereign wealth fund.
He says the fund will play an important role as a counter-cyclical fiscal tool and contribute to strengthening the fiscal framework.
It is not yet clear where the money for the fund will come from, but funding sources listed by Mboweni include proceeds of spectrum allocation, petroleum, gas or minerals rights royalties, the sale of non-core state assets, future fiscal surpluses and money the country sets aside.