President Cyril Ramaphosa said that the government is moving ahead with plans to establish a holding company for state-owned enterprises (SOEs).
The president made these statements during the debate on the Presidency Budget Vote speech and said that the Department of Planning, Monitoring, and Evaluation has been assigned the responsibility to finalize the processes.
“The SOEs that were previously under the stewardship of the Department of Public Enterprises will report to their respective line departments in terms of policy and regulatory matters,” Ramaphosa said on Wednesday in Parliament.
He said that the government is introducing legislation to establish a holding company to manage and coordinate key strategic SOEs.
“The legislation will assign the functions of the holding company, which will cover issues of governance, financial management, remuneration standards, and similar matters,” Ramaphosa explained.
“This is in line with global best practice and is the approach taken by many countries with SOEs that successfully fulfil a social and economic development mandate.
“While some in this House might be dismissive of the work being coordinated in the Presidency, let us not lose sight of what these measures mean for the everyday lives of South African citizens. They mean more affordable and reliable electricity, cleaner water, efficient trains, and lower data costs,” Ramaphosa added.
Operation Vulindlela
The president also said the reforms implemented through Operation Vulindlela have had a measurable impact on growth and investment.
“These structural reforms are in the most strategic and critical sectors of our economy. They are in energy, in logistics, in telecommunications, in visa reform, and in water,” he explained.
“The reforms that are underway in the water sector, like reinstituting water quality monitoring systems, developing a raw water pricing strategy, and establishing a Water Partnerships Office to develop water infrastructure have direct and material benefits for service delivery,” Ramaphosa said.
The president said that a better water infrastructure will ensure that South Africa has a more reliable and sustainable water supply and this will mean cleaner water.
“The ultimate beneficiary is the people of South Africa, and strengthening and enhancing the economy of our country,” Ramaphosa said.
-IOL BUSINESS
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