Important note: Information in this article was accurate in 2002. The state of the art may have changed since the publication date.
Associated Press - Tuesday, October 29, 2002
The government also plans to increase spending on social programs, he said.
"Poverty reduction is the overarching goal of South African economic and social policy," Manuel said in a budget policy statement.
The budget will provide a "progressive advancement of social and economic rights," Manuel said.
Public expenditures will increase an average of 4.7 percent a year over the next three years, he said. Most of the increase will be in administration, which includes government grants, health services and the justice system.
This will also include increased spending on the government's HIV program, which will receive an additional 3.3 billion rand ($330 million) over the next three years, Manuel said.
An estimated 4.7 million South Africans, roughly 11 percent of the population, are infected with the HIV.
Manuel also presented government economic projections, saying he expected the gross domestic product to grow at 2.6 percent in 2002, rising to 3.5 percent in 2003, 3.7 percent in 2004 and 3.9 percent in 2005.
As part of South Africa's commitment to a program for revitalizing Africa, Manuel announced a government initiative to increase the amount South African companies can expatriate to fund foreign direct investment in Africa to 2 billion rand ($200 million) from 750 million rand ($75 million).
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