I have the clock in front of me, Chairperson. Thank you.
Our support for provincial budgeting and expenditure control has already brought excellent results in both better budgeting and more effective financial management, and it will continue this year.
I am pleased to be able to report on the outcome of our interventions in Limpopo since December 2011. The provincial finances are under control and the cash position has improved, with a positive year-end balance due to cash management controls that have been put in place since the start of the intervention. Whilst the cash position has improved and payment and procurement systems in departments have stabilised, further work still needs to be done.
Allow me to comment also on the next exciting issue, namely the steps Cabinet has agreed to in respect of the financing of the Gauteng Freeway Improvement Project. Major improvements have been effected to Gauteng freeways under this programme, which have brought about substantial improvement in the flow of traffic and benefits to road users. This investment has been made, not out of general revenue, but through debt which has to be repaid. Cabinet has reiterated its commitment to the e-toll system as an efficient and appropriate mechanism of partial cost recovery from road users. However, we are also mindful that more rapid progress needs to be made in improving complementary and alternative roads in the Gauteng region and elsewhere in extending and improving public transport services. Cabinet has also decided that mechanisms need to be found to support the SA National Roads Agency, Sanral, during this period when no revenue is being collected, and a revenue loss of R200 million a month is being incurred.
Our financial sector proved exceptionally resilient during the global financial crisis. However, we should not be complacent about the impact of the crisis. As you know, I announced reforms in February to further strengthen our regulatory system, and to announce our intention to shift towards a twin peaks approach. Good progress has been made between the Reserve Bank, the Financial Services Board and the oversight committee that has been established with the Governor and me at the head of that process.
Similarly, earlier this week we released an overview paper entitled, "Strengthening Retirement Savings: An Overview of Proposals Announced in the 2012 Budget". This paper will be followed by a series of detailed discussion or policy proposal papers and we look forward to discussions with the unions, industry, employers, you and the general public on how South Africans can save more.
There is work that has been done and will soon be completed in laying the foundation for the creation of a chief procurement officer and supporting capacity, with overall responsibility for monitoring procurement across government, and we will soon have in place the necessary infrastructure to support that.
The Development Bank of Southern Africa, DBSA, has outlined an extended development drive with a sharp focus on promoting the implementation of national and regional infrastructure investment plans. The bank has established firm partnerships with several national departments and continues to strengthen its role in provincial and municipal infrastructure development. The DBSA plans to expand its role in the rest of Africa and deepen its partnership with other institutions involved in its mission to enhance and deepen development on the African continent.
The Land and Agricultural Development Bank of South Africa has done phenomenal work in recovering from its past status. Please read my speech to see the details of what has been done. We are happy to see that the Land Bank is helping to grow the economy, while creating work opportunities in agriculture and contributing to food security. As the bank reaches another big milestone in 2012 - turning 100 years old - it has outlined a five-year plan, captured in its 2016 corporate landscape.
I repeat: These are dangerous times! We have formidable challenges ahead arising from both the dismal situation in Europe and the structure of our own economy and society. This is not the time for expedient politics and short-sighted actions. It is not the time for opportunism, and emotive and ill-considered utterances. Let us become problem solvers, not problem creators. If we really want to serve our people, if we are really serious about employment creation and poverty eradication, then we must all demonstrate a new kind of leadership that creates hope and confidence in and about our country. Even with our differences we must display the generosity and magnanimity that will genuinely promote consensus-building and the national interest. Thank you, Chairperson. [Applause.]