The South African Minister of Finance and National Treasury are finalizing the 2025/26 budget, set to be presented to Parliament on 12 March 2025. This follows discussions among Cabinet members aimed at finding funding options that address fiscal constraints while supporting vulnerable households and promoting economic growth. A previous budget tabling was postponed due to funding challenges.
The Minister of Finance, Enoch Godongwana, alongside the National Treasury, is preparing to complete the budget for the 2025/26 financial year, which will be presented to Parliament on Wednesday, 12 March 2025. This development follows a Cabinet meeting that focused on finding feasible options to address the current budget shortfall.
On 24 February 2025, another Cabinet meeting was held to discuss the nation’s fiscal constraints and the urgency of implementing the primary objectives of the seventh administration. During this session, President Cyril Ramaphosa appointed a ministerial team, led by Deputy President Paul Mashatile, to collaborate with the Minister of Finance and analyze Cabinet’s suggestions for the budget.
The team provided various funding options which were critically evaluated by the Cabinet. In line with the Public Finance Management Act, the Finance Minister was tasked with selecting funding strategies that balance fiscal limitations while considering the welfare of poorer and middle-income families, as well as fostering economic growth.
With the completion of the Cabinet’s input on the budget, the Finance Minister and National Treasury are now ready to finalize and submit the budget to Parliament by the established date. Previously, the proposed budget had been postponed, indicating the government’s careful approach to addressing funding challenges.
In summary, the South African government is actively engaged in finalizing its budget for the 2025/26 financial year amidst fiscal challenges. The Cabinet’s thorough deliberations and inputs, led by key officials including the Minister of Finance and the Deputy President, aim to prioritize economic growth while minimizing impacts on vulnerable households. The upcoming presentation to Parliament is a critical step in outlining the government’s financial commitments for the upcoming fiscal period.
Original Source: allafrica.com
