Finance minister strikes right balance at Lion of Africa budget breakfast

Finance Minister Trevor Manuel was once again the guest of honour at the Ninth Annual Lion of Africa Budget Breakfast held at Newlands in Cape Town on 12 February 2009. The event, during which the audience was given an opportunity to ask the Minister questions around the budget speech delivered the previous day, was attended by a number of high profile businessmen, government officials and Trade Union leaders.

At the breakfast, Minister Manuel stressed the importance of finding a balance when it comes to the level of social grants given to South Africans. Responding to a question from the audience around whether the government should be doing more to assist the country’s poor during the tough economic times ahead, Manuel said there had to be limitations on the number of beneficiaries of grants in the system and a balance between the number of taxpayers and number of welfare beneficiaries.

Fred Robertson, Chairman of event sponsors, Lion of Africa, says that the Minister’s 2009 budget seems to have found a way to satisfy almost everyone in the midst of what is one of the toughest economic conditions in history. “We applaud the Minister and his team for taking bold steps to bolster the economy and for addressing the needs of ordinary South Africans, while still ensuring that prudent fiscal policy is followed.”

Pictured:
1: Minister Trevor Manuel
2: Trevor Manuel and Lion of Africa Chairman Fred Robertson
3: Nisaar Pangarker, CEO of Lion of Africa Fund Managers and Nhlanhla Nene, Deputy Finance Minister