Today was an active day on social media and news sites as Finance Minister Pravin Gordhan delivered his full budget speech in Parliament. The team at Bloomer Marketing compiled a high-level overview of this speech as well as some key resources and snippets as its relates to the South African education sector. To read the full budget speech click here or follow popular South African news sources such as EWN for commentary and interpretation by economists and political parties. A short extract from the speech makes the following allocations for the education sector:
- An additional R16.3 billion has been allocated for higher education over the next three years.
- R5.7 billion of this addresses the shortfall caused by keeping fees for 2016 academic year at 2015 levels, and the carry-through costs over the MTEF period.
- R2.5 billion goes to the National Student Financial Aid Scheme to clear outstanding student debt, along with a further R8 billion over the medium term to enable current students to complete their studies.
Basic education and early childhood education
- Expenditure on basic education will increase from R204 billion this year, to R254 billion in 2018/19.
- By 2018, 510 inappropriate and unsafe schools will be rebuilt, 1 120 schools will be supplied with water and 916 schools with electricity.
- An additional allocation of R813 million for early childhood development is proposed to increase the number of children in ECD centres by 104 000 over the MTEF period.
Sources: EWN #Budget2016 Live Feed and Times Live (Sunday Times)