Trevor A Manuel, Parliament, Cape Town
11 September 2007
Madam Speaker
In terms of section 213 of the Constitution of the Republic of South Africa,
1996, the withdrawal of money from the National Revenue Fund as a direct
charge, must be provided for in an Act of Parliament. In terms of section 77
read with section 73 of the Constitution, a Bill that authorises a direct
charge is a money Bill that must be introduced by the Minister of Finance.
The Special Adjustments Appropriation Bill appropriates additional amounts
of money for the requirements of the departments of Public Enterprises,
Communications, Agriculture, Sport and Recreation South Africa in respect of
the 2007/08 financial year.
Department of Public Enterprises
The additional appropriation to Public Enterprises will enable the
department to make transfers to certain State Owned Enterprises (SoEs) to
address urgent cash requirements. The proposed adjustment of R2 090 million to
the budget of the Department of Public Enterprises will be recorded as
transfers to Alexkor (R44,7 million), Denel (R222,0 million) and Pebble Bed
Modular Reactor (PBMR) (R1 823,6 million).
Department of Communications
The additional appropriation of R500 million will be transferred from the
Department to Sentech. The funding will contribute to the capital requirements
associated with establishing a broadband wireless telecommunications
network.
Department of Agriculture
The additional appropriation of R700 million will be transferred from the
Department to the Land Bank. The proposed adjustment is necessary to address
the liquidity shortages and cash adequacy ratio of the bank.
Department of Sport and Recreation South Africa
The additional appropriation of R1 905 million will be allocated to the
Department of Sport and Recreation South Africa and recorded as 2010 Fifa World
Cup Stadiums Development Conditional Grants. The proposed adjustment is
necessary to ensure that stadium construction programmes are not constrained by
cash flow shortages.
I hereby table the Special Adjustments Appropriation Bill [B - 2007].
Issued by: National Treasury
11 September 2007
