Jobless 2015 budget

399545_391440407584581_1333378030_nMr. Nene’s first budget since being appointed finance minister last year also included $450 million to purchase white-owned farmland and redistribute it to aspiring black farmers. That effort was a cornerstone of new land regulations President Jacob Zuma touted in his state of the nation address earlier in February, including a ban on foreigners owning farmland.

Though he pledged to cut some $2.5 billion from the public wage bill and other spending, Mr. Nene also said the government would spend more on popular welfare grants that now reach more than 16 million poor mothers and foster parents. They now cost the government more than three times its annual outlay to infrastructure improvements long touted as the key to boosting growth.

via South Africa Announces $3 Billion in New Taxes, Spending Cuts – WSJ.

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