South Africa: Budget Postponed for Further Deliberations

GCIS
South African Finance Minister, Enoch Godongwana
19 February 2025
SAnews.gov.za (Tshwane)

Cabinet has postponed the tabling of the 2025 Budget Speech by the Minister of Finance Enoch Godongwana to 12 March 2025.

The Minister was scheduled to outline the financial, economic, and social commitments that the government would prioritise in its planned expenditure as part of the 2025 Budget Speech in the National Assembly, on Wednesday.

However, in an unprecedented move, it was postponed for further deliberation.

"The annual budget is tabled by the Minister of Finance but it requires the deliberation of the Cabinet before it is tabled in the National Assembly.

"Cabinet considered that although the tabling of the 2025 budget was scheduled for release at 2pm on 19 February 2025, a postponement is needed to allow for further deliberations to take place on the budget. Cabinet is united in the view that the budget must strike a balance between the interests of the public, economic growth and fiscal sustainability," Godongwana said in a media briefing on Wednesday afternoon.

Furthermore, the budget is produced and presented before the National Assembly according to the rules outlined in the Public Finance Management Act.

"Section 27 of the Public Finance Management Act requires that the annual budget be tabled prior to the start of the financial year or in exceptional circumstances on a date as soon as possible after the start of the financial year as the Minister of Finance may determine

"Therefore, further discussions in Cabinet will take place in preparation for a new amended or a new budget to be tabled on 12 March 2025," the Minister said.

Minister in the Presidency Khumbudzo Ntshavheni said the request for a postponement was a Cabinet decision.

During the Budget Speech, the Finance Minister indicates the allocation of financial resources to the national government's priorities outlined by President Cyril Ramaphosa in the State of the Nation Address.

He provides a detailed plan for 2025 spending, including proposals for revenue collection to help fund the government's planned interventions and commitments.

The Budget Speech, among others, aims to balance economic growth and support for the vulnerable in our society despite limited resources.

Read the original article on SAnews.gov.za.

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