Question NW570 to the Minister of Finance
18 April 2017 - NW570
Chance, Mr R to ask the Minister of Finance
(1)With reference to the Budget Speech which he delivered on 22 February 2017, why did he not budget for Government's share of the Small and Medium-sized Enterprises Fund he announced in 2016 as part of the Chief Executive Officers’ Initiative which he jointly leads; (2) whether he will budget any amounts for the specified fund in the future; if not, what is the position in this regard; if so, what amount will he budget for the fund?
Reply:
1. The Small and Medium-sized Enterprises Fund was started by business and is driven through the CEO initiative as a show of solidarity and contribution towards growing the economy in a manner that creates more business and work opportunities for the people of South Africa. Government fully supports the initiative. While no “new money” is allocated to this initiative in the 2017 budget, Government is assessing the most appropriate vehicle and means through which to support SMME development, given the fiscally constrained environment.
2. As and when a decision has been made in this regard, government will then follow its process to set aside additional resources to further support SMMEs and announcements will then be made in either the Medium Term Budget Policy Statement or the Budget.