Statement on the Virtual Cabinet Meeting held on Wednesday, 10 June 2020
- Update on Coronavirus (COVID-19)
National Petroleum Company
2.1. Cabinet was briefed on the ongoing work to rationalize all petroleum (oil and gas) subsidiaries of the state-owned diversified energy company, Central Energy Fund.
2.2. The rationalization will result in three subsidiaries (PetroSA, Strategic Fuel Fund and iGas) merged into one single National Petroleum Company. This gives effect to the announcement made by President Cyril Ramaphosa in his State of the Nation Address on 13 February 2020, to repurpose and rationalize a number of state-owned enterprises to support growth and development.
2.3. Cabinet approved the proposed appointment of a professional restructuring company that specializes in mergers to investigate the most viable model of this single National Petroleum Company.
Gender-Based Violence (GBV) Policy Framework in Post-School
Education and Training System
3.1. Cabinet approved the GBV Policy Framework in Post-School Education and Training System. The policy framework seeks to respond to the increased number of GBV-related cases at institutions of higher learning.
3.2. The policy framework provides guidance on structures, mechanisms, and processes that institutions of higher learning must put in place to prevent incidents of GBV in their campuses. In addition to providing oversight structures, it also compels such institutions to create awareness on their GBV policies.
Feasibility Study Report on the Resistance and Liberation Movement
4.1. Cabinet approved the Feasibility Study Report on the establishment of the RLMM. The museum will contribute towards conserving the history of the resistance and liberation struggle in South Africa.
4.2. The study, which Cabinet approved in 2015, was commissioned within the context of the Resistance and Liberation Heritage Route (RLHR) Project. The RLHR contributes towards the development and transformation of the South African heritage landscape.
4.3. Once completed, the museum will conserve a series of heritage elements (tangible and intangible) and provide common narrative, memory and experiences relating to the liberation struggle in South Africa.
National Khoi and San Heritage Route
5.1. Cabinet approved the implementation of the National Khoi and San Heritage Route, which is a national legacy project. The route will identify, highlight, conserve and promote the heritage of the Khoi, Nama, Griekwa, Khorana and San. This project contributes towards the acknowledgement of the previously neglected and marginalized South African history.
5.2. It also gives effect to the Traditional and Khoi-San Leadership Act, 2019 (Act 3 of 2019), which legislate for the recognition of the Khoi and San traditional leaders.
Designs of 2021 and 2022 commemorative coins
6.1. Cabinet approved the designs of the 2021 and 2022 commemorative circulation coins which are issued by the South African Reserve Bank (SARB) and the South African Mint Company.
6.2. The R5 commemorative circulation coin and the R5 sterling-silver, gold plated collectors’ coin will be issued in 2021 to celebrate the Centenary of the SARB. The fourth Decimal Coin Series of South Africa, which will be issued in 2022 will consist of 10 cent, 20 cent, 50 cent, R1, R2 and R5 coin.
Financial Sector Laws Amendment Bill of 2020
- Cabinet approved the submission of the Amendment Bill of 2020 to Parliament. The Bill proposes to designate the SARB as the Resolution Authority and enhances the SARB’s regulatory tools for discharging its statutory mandate of ensuring stability of the financial system.
- The Bill proposes a new framework to resolve financial institutions, primarily banks, when they enter a period of financial distress. It also introduces South Africa’s first comprehensive deposit insurance scheme that will ensure that depositors are paid their funds when a bank fails
- Such a scheme will protect the vulnerable depositors and ensure minimal disruptions to the financial system and broader economy when such institutions enter into financial distress.
• Ms Sekgothadi Kabelo as Non-Executive Director of the Ports Regulator of South Africa Board.
Enquiries: Ms Phumla Williams – Cabinet Spokesperson
Mobile: 083 501 0139
Date: Thursday, 11 June 2020
Issued by: Government Communication and Information System (GCIS)