Government announces R15 billion Covid business ‘bounce-back’ scheme

A Budget Review document accompanying the speech reveals that government will, over the next three years, spend R721 billion to promote faster and sustained inclusive economic growth to address unemployment, poverty and inequality plaguing the country. In the 2022 Budget Review, Treasury said over the Medium Term Expenditure Framework (MTEF), expenditure would in this regard increase at an average annual rate of 8.5%, from R201 billion in 2021/22 to R256.8 billion in 2024/25. The document states that over the medium term, the Department of Small Business Development would promote youth entrepreneurship by supporting at least 15 000 youth‐ owned enterprises. It will also reintroduce the Youth Challenge Fund at an estimated cost of R91.3 million, harnessing creative solutions to address youth unemployment. Click here to read full article.