S.A’s Economic Hub Lays Out $3.4 Billion Budget

Johannesburg’s MMC for Finance, Geoffrey Makhubo, laid out the city’s $3.4 billion budget for the 2016/2017 financial year.

Speaking to CNBC Africa at Johannesburg’s Turbine Hall on Tuesday, Makhubo said the budget would help curb unemployment in the country’s economic hub which is home to 5 million people.

“The city’s budget is R54.8 billion [$3.4 billion] representing an operating budget of R45.3 billion [$2.8 billion] and a capital budget of R9.5 billion [$610 million],” says Makhubo.

Last year’s budget was R52.6 billion [$3.3 billion], it has increased R2.2 billion [140 million].

Makhubo says the Health Department has been allocated an operating budget of R775 million [$49.3 million] for 2016/2017 financial year and a three-year capital budget of R361 million [$23 million]. The total budget for the Human and Social Development Cluster is R6.3 billion [$400 million].

Makhubo has also announced an injection of R16.7 billion to ensure that City Power delivers electricity to all residents including those living in informal settlements.

“Through this budget, we will meet the expectations of better living standards, and create a better life for all Johannesburg citizens.”