Latest news with #NationalTreasury
TimesLIVE
2 hours ago
- Business
- TimesLIVE
South Africa to get $475m loan from African Development Bank
South Africa has signed a $474.6m (R8.3-trillion) loan agreement with the African Development Bank to help finance infrastructure and clean energy plans, National Treasury said on Thursday. Treasury said the loan offered concessional terms, including a three-year grace period. It gave the interest rate as the daily secured overnight financing rate plus 1.22%. The financing follows a $1.5bn (R26.4bn) loan agreement signed last month with the World Bank to overhaul transport and energy infrastructure.
News24
5 hours ago
- Politics
- News24
SANDF SOS: Why are the armed forces fighting for survival?
EDITORIAL: SANDF's SOS – Why are the armed forces fighting for survival? Since 2024, the world has witnessed the highest number of active conflicts since World War II. As concerns grow about global security and what the future holds, lists of the world's safest havens have begun circulating. South Africa has made several of these lists, thanks to our alleged 'abundant food sources, plentiful fresh water, and fertile landscapes'. However, what these assessments often overlook is the state of South Africa's defence capabilities. It's no secret that the South African National Defence Force (SANDF) has been struggling for years. Both equipment and personnel are ageing, creating significant operational challenges. The situation reached a boiling point recently when Admiral Monde Lobese, head of the SA Navy, accused National Treasury of sabotaging the country's national security by failing to provide adequate resources. National Treasury fired back, arguing that Lobese was incorrect to hold it responsible for the SANDF's budget challenges. In this week's Friday Briefing, News24 investigative journalist Sikonathi Mantshantsha examines how the SANDF has been managing its budget and explores the factors that led to its current predicament. We also feature insights from defence analyst Dean Wingrin, who argues that while equipment and budget constraints are critical issues, any meaningful reform of the SANDF must also address human factors including force structure, leadership quality, recruitment strategies, succession planning, and political oversight. Finally, we bring you a Q&A with Sizeka Tshabalala, General Manager for Commercial and City-focused Interventions at the Joburg Property Company about its submission to the City of Johannesburg to review the leases for public parks, clubs and green spaces. You can read the full submissions below. R12-billion. That's all the SANDF spent on new equipment in 5 years When our military planners finally start fixing what they have broken in the SANDF, it will take more than a generation of serious discipline and investment to get the military ready for war again, writes Sikonathi Mantshantsha. Too old to fight, too broke to fix: The SANDF's march to mediocrity If the SANDF is to reclaim credibility, and truly serve South Africa's constitutional mandates, both political and military elites must step aside from self‑preservation, and lead with vision, accountability and purpose, writes Dean Wingrin. Read the rest of the article here. Q&A with Sizeka Tshabalala | 'JPC not driven by greed' in Joburg land review controversy JPC's Sizeka Tshabalala categorically denies any intention to redevelop Marks Park or any of the Joburg green public spaces into residential spaces. Amid an acknowledged trust deficit with residents, Tshabalala says a six-month consultation process will shape the future of Joburg's public properties.
Business Insider
10 hours ago
- Business
- Business Insider
Microsoft server hack hits South African treasury, companies, and university
Several organisations in South Africa have fallen victim to a global cyberattack that exploited a vulnerability in Microsoft Corp.'s SharePoint servers. A global cyberattack has targeted Microsoft SharePoint server vulnerabilities, affecting 400 entities worldwide. Victims of the attack include government agencies, corporations, and educational institutions, with some cases reported in South Africa. South Africa's National Treasury detected malware in its infrastructure but confirmed no system disruptions. The Dutch company, which detected the initial wave of breaches last week, said hackers have compromised around 400 entities worldwide, including government agencies, corporations, and other institutions. The actual number of affected organisations may be significantly higher. While the United States accounted for the majority of the breaches, Mauritius, Jordan, South Africa, and the Netherlands also reported a notable number of victims, Bloomberg reported. 'We never name individual victims, but can share that in South Africa we've seen an organisation in the car-manufacturing industry, a university, several local-government entities and a federal government entity,' Eye Security co-owner Vaisha Bernard said. He added that two additional, unnamed organisations have also been compromised. Details of the attack have been shared with South Africa's Computer Security Incident Response Team (CSIRT) for further investigation. Treasury confirms malware infection South Africa's National Treasury has confirmed that it is working with Microsoft Corp. after detecting malware on one of its systems. The infection was found on its Infrastructure Reporting Model website, the Treasury said in a statement. The incident comes amid a broader wave of cyberattacks exploiting vulnerabilities in Microsoft's SharePoint servers. The platform is widely used in South Africa by both public and private institutions for document collaboration and storage. Many organisations host SharePoint on-premises to maintain control and add layers of security, ironically, the very setup now being targeted by attackers.
Daily Maverick
12 hours ago
- Business
- Daily Maverick
Nelson Mandela Bay mayor accused of ‘financial misconduct' over funding rollover for flood disaster projects
The ANC-led coalition government in Nelson Mandela Bay on Thursday rammed through the approval of a 'top up' from city coffers to fund flood disaster projects that were intended to be financed by a R53-million conditional grant. While the Nelson Mandela Bay metro remains at high risk of losing R53-million in flood disaster funding for Kariega, Executive Mayor Babalwa Lobishe on Wednesday urged council to approve that a top-up amount be paid from city coffers to fund the shortfall in the projects. According to council documents, the metro has spent R1.6-million of the proposed R52.3-million so far — and the mayor wants R7-million from the Roads and Stormwater budget to be reprioritised for flood projects as a 'top up'. Democratic Alliance councillor Rano Kayser pointed out to the mayor that the rollover for the funding had not yet been approved by the National Treasury. He cited a Treasury circular stating that rollovers would not be granted in cases where key positions such as city manager and chief financial officer (CFO) have been vacant for more than six months — or where CFOs have been serving in acting roles beyond that period. Kayser said the city failed to spend the money in time. 'The Acting City Manager gave us the assurance that the money will be spent,' Kayser said. 'He even boldly said he visited Kariega, but after all these visits he still failed to spend the R53-million.' In June 2024, Kariega was hit by devastating flash-flooding after a cloud burst dumped 230mm of rain in the area in less than two hours. In October, heavy rains in the metro again damaged parts of Kariega and Gqeberha. But as it was a conditional grant, there was a limited time during which the money could be spent. The metro did not spend the money in time and now has to apply for a rollover of funds. In a letter addressed to Lobishe, Kayser pointed out that the metro must apply for a rollover of the funds by 31 August and a decision in this regard will only be made by 22 October. He said despite no application for a rollover being made by the metro, Lobishe has now asked the metro to approve a 'top-up' budget to be paid from the metro's budget. This, Kayser pointed out in his letter, was 'financial misconduct. This item illustrates the failure and incompetence of the administration. The item is misleading to the council.' He stressed in council that no rollover of the funding had been approved. On its social media pages, the metro claimed the council approved the rollover of funding, but added that this must still be approved by National Treasury. 'I wrote to the executive mayor tabling the allegations of misconduct,' Kayser added. 'She has 7 days to bring the item to council. It has all the elements of misconduct.' He said the metro, through its failure to spend the money, had lost R53-million. 'It may be in the bank account, but it cannot be used. For every project relating to the floods the money has been lost.' The ACDP's Lance Grootboom agreed. 'This is conditional funding. You must apply to the National Treasury for a rollover first,' he said. He pointed out that Treasury was clear in a circular that no rollover requests will be considered where a municipality has a vacant CFO post or had a CFO in an acting position for more than six months. Added to the risk, Grootboom pointed out, is that the metro's city manager has been on suspension (since 2023). 'It is basically an illegal request,' he said. 'You want the metro to top up the money, but you will only get an answer [later].' He later said the issue would have to be addressed by the Standing Committee on Public Accounts. The metro has a pattern of underspending grant funding from National Treasury and has in the past three years lost millions. The MMC for Budget and Treasury Khanya Ngqisha said the opposition was telling the metro not to spend the money. 'We have an accounting officer. He doesn't take decisions without advice. The problem is that some of the political parties listen to wrong advice from junior officials.' He admitted that no money was spent yet. 'If there is anything wrong, the Auditor-General will deal with it.' Acting City Manager Ted Pillay said Lobishe's request should be amended to indicate a budget adjustment instead of a rollover. This was then approved by the council. However, Lobishe then later, after voting, said she didn't want the changes proposed by Pillay. 'He had no right to correct my item. I didn't fix it myself.' A second decision, this time based on the original, unamended item, was then passed — despite objections from opposition councillors, who argued this violated council procedures. They said the proper route was for the Speaker to take the item on review. DM
IOL News
19 hours ago
- Business
- IOL News
eThekwini Municipality achieves record 95% revenue collection rate
eThekwini mayor Cyril Xaba Image: eThekwini Municipality / Facebook The revenue collection rate in the eThekwini Municipality has surged to about 95%. The municipality expressed its satisfaction with the revenue collection rate recorded at the end of June, noting that this is the highest increase in five years and falls within National Treasury norms. Mayor Cyril Xaba attributed the success to targeted revenue enhancement strategies that the City has implemented. He vowed to continue putting pressure on the administration to ensure that the City does not regress on the current collection rate. 'Revenue collection is the engine behind expanding services. We must ensure that the spirit of the Masakhane Campaign lives among our communities by encouraging people to pay for services,' said Xaba. Among the revenue enhancement strategies championed by Mayor Xaba is the 50% debt write-off programme, which ended in June. The ongoing deceased estate debt write-off initiative and the migration of meter reading from line directorates (water and electricity) to the Revenue Directorate also form part of the revenue enhancement strategies. The migration of meter reading has assisted in addressing the challenge of estimated bills, as meters are now being read regularly, and customers are paying for the monthly services they have consumed. Meter reading in the City has improved to the extent that only 12% and 20% of water and electricity bills are estimated, respectively. One of the reasons contributing to some meters not being read includes a lack of access to properties. Xaba encouraged residents to use the Municipal App to upload their meter readings monthly so they can be billed for the services they have consumed. 'We have made technology available to our customers to make their lives easier. While our officials will continue to read meters, customers must also play their part,' said the mayor. He called on officials to expedite investigations in cases where customers complain about irregular spikes in their water and electricity bills. 'I am happy that the Revenue Directorate is dispatching technicians to recalibrate or change faulty meters so that residents are billed correctly,' said the mayor. He added that he was pleased that the order for electricity meters will be delivered by the end of next month. 'This will assist us in ensuring that all properties are properly metered, and the City can start collecting revenue from them. Our main priority will be properties that have bypassed meters and those that have benefitted from the deceased estate debt write-off programme. We want all our customers to be connected to services legally and account for their monthly consumption,' said Xaba. THE MERCURY
