Please find attached speech delivered by Dr Mark Burke MP during today’s Budget Debate on Vote 8: National Treasury in the National Assembly.
Full speech by Dr Mark Burke MP – DA Spokesperson on Finance
Extract:
The ANC has called for increased spending on unlisted PIC investments. This is a shocking move.
Thanks to a written parliamentary question submitted by the DA, we now know that the PIC has invested around R67 billion in approximately 130 entities since inception. The PIC claims these investments delivered annual growth of 4,25%, but once inflation is taken into account, pensioners have effectively seen no real growth on these investments.
At least 78 of these investments have lost money, while one in five have lost all their value entirely.
Despite this track record, the ANC is pushing for even greater exposure to unlisted investments through the PIC, placing public servants’ pensions at further risk.