Hon House Chair, the World Bank reports that South Africa lifted 3,6 million people out of poverty and cut the rate of extreme poverty by half, as required by the Millennium Development Goals. [Interjections.] This is as a result of South Africa's fiscal policy, which is very progressive and biased towards the poor and the working class.

Taxes and social benefits effectively redistribute income from the rich to the poor. The report provides evidence that activist fiscal policies have helped South Africa reduce poverty and inequality, even though these remain pressing developmental challenges. The report also shows that, thanks to the effective use of fiscal policy, the burden of taxes falls on the richest in South Africa.

Compared to other middle income countries sampled in the report, South Africa has achieved the largest reduction in poverty and inequality.

The report is a positive outcome of ANC policy implementation, and, with initiatives by government regarding job creation, we will be in a position to create the South Africa that we all deserve.

This report indeed confirms that South Africa is truly a much better place to live in than it was in 1994. I thank you. [Applause.]