MEC for Finance, Ina Cronjé said research has shown that countries where families, businesses and governments did not save enough, suffered more severely in the economic meltdown. She threw down the gauntlet for businesses as well as thousands of households in the area to get out of their dept traps and start saving.
Cronjé, who took the Provincial Treasury’s Financial Literacy Campaign to Newcastle in Amajuba District today engaged a contingent of business fraternity and community in an initiative by Provincial Treasury to educate people about their finances and to enhance measures to save money.
“Saving is one of the most important tools we can use to provide equal opportunities to all our people. The KwaZulu-Natal government has been praised for the way in which we have brought down debt. Through cost cutting measures we have reduced our projected debt from R5.6 billion for 2009/10 to below R1.7 billion. And we are on our way to wipe out all debts. The National Cabinet is so impressed with our success that it told all national departments and provinces to follow our example, she said.
But it is imperative that all of us save enough: government, business and private households. We cannot live as if there is no tomorrow. If anyone of the parties does not save enough, it has serious consequences not only for individuals but for the entire country” continued Cronjé.
The campaign, resulting from the official launch of the Savings Month in July, was two-fold: the first session was made up of presentations on the revamp of the Provincial Suppliers Database and the formation of cooperatives where the department was explaining opportunities for doing business with government while the second session was the MEC’s address to all sectors of the community who descended to Osizweni Community Hall to be educated and encouraged to save money.
The Financial Literacy Campaign forms part of the key mandate of the department and will, throughout the current financial year, be rolled out to many districts in a bid to ensuring that KwaZulu-Natal is financially literate.
For more information please contact:
Musa Cebisa
Cell: 071 687 8777
