The significance of recycling savings into the community

1
The significance of recycling savings into the
community
Phillip Dexter SACP Treasurer, Executive Director
of NEDLAC and Board member of Proudly SA
2
Current situation

• Low incomes
• Majority live in poverty-relative and absolute
• Limited transfers and social wage
• Informal or unregulated activities-abuse
• Market failures and excesses-micro-lenders
• Low savings

3
Outline of a strategy

• Increase incomes
• Eradicate poverty
• Reduce inequality
• Mobilise capital for RD
• Stimulate investment
• Build partnership between government, business,
  workers and the people

4
Key programmes

• Decent work
• Social security and protection
• Social wage through basic services
• Collective Enterprise Development-empowerment
• Regulatory environment
• Campaign for transformation-people in action

5
Financial sector summit outcomes

• Voluntary collective agreement
• Access to basic financial services
• Institutional development to serve poor
  communities-legislation and programmes
• Regulation of credit bureaux
• Reduce excesses in micro-lending

6
Financial sector summit outcomes

• End discrimination
• Capital markets
• Development Finance Institutions and State Owned
  Institutions
• Savings initiatives-culture, activities,
  facilities

7
Way forward

• Implement FSS outcomes
• Focus on key areas of programmes
• Make the linkages and sequencing between issues
  and activities-Integrated Manufacturing Strategy
  and Micro Reform Strategy, Financial Sector
  Summit Agreements, Budget, etc.
• Monitor progress