VIDEO: National Budget Speech 2014

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Watch South Africa's National Budget Speech 2014 video presented by Finance Minister Pravin Gordhan in the National Assembly, Cape Town on Wednesday, 26 February.

Finance Minister Pravin Gordhan says the focus for the next five years will be on growth, development and jobs, using the National Development Plan (NDP) as a guide.

The minister says the economy is through the worst of the recession, although there are still risks.

He says South Africa has made immense strides in the past 20 years, but cannot afford to muddle through the next decade.

Gordhan tabled his 2014 budget in Parliament this afternoon.

He has kept government spending in check while announcing billions of rand to be pumped into social grants and infrastructure.

"Public infrastructure investment will amount to R847 billion over the next three years."

Gordhan says his budget reflects the priorities of the NDP.

"We cannot just muddle through the next decade and that is our challenge."

He reported better-than-expected tax collection but to obtain faster progress in reducing poverty, unemployment and inequality, he says the economy needs to grow almost twice as fast.

Gordhan adds government is going to build more than 400 schools this year.

He says it will also help local councils improve the lives of ordinary South Africans.

"Over the next three years, national government will allocate R105 billion to municipalities for free basic water, sanitation, electricity and refuse removal services."

Gordhan says he is worried about the rise in the number of people who have taken out loans and are now battling to pay them back.

But he says everyone is going to have to worker harder to make the dreams of the country's people a reality.

The minister says that work starts with everyone in government.

"We know what must be changed to meet the expectations of all South Africans. Service delivery must be enhanced and supported by the necessary infrastructure. Public servants will join us in being accountable and effective."

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