The South African government is finalizing its 2025 budget, which will be presented to Parliament on March 12, 2025. A Cabinet meeting recently concluded discussions on funding options to address fiscal constraints. This process aims to ensure minimal impact on low- and middle-income households while supporting economic growth.
The South African Minister of Finance, Enoch Godongwana, along with the National Treasury, is scheduled to finalize and present the 2025 budget before Parliament on March 12, 2025. This announcement follows a Cabinet meeting aimed at exploring viable funding options for the upcoming financial year amid existing fiscal constraints.
On February 24, 2025, another special Cabinet meeting highlighted the country’s financial challenges and initiated discussions on prioritizing key initiatives of the seventh administration under the Government of National Unity. President Cyril Ramaphosa established a team led by Deputy President Paul Mashatile, which worked closely with the Minister of Finance and National Treasury to gather inputs relevant to budget considerations.
The Deputy President’s team presented multiple funding options, which were reviewed by the Cabinet. Pursuant to section 27 of the Public Finance Management Act, the Cabinet has authorized the Minister of Finance to choose suitable options for funding the budget, ensuring that the fiscal limitations are respected, the effects on low- and middle-income households are minimized, and economic growth is supported.
With the Cabinet’s input process completed, the Minister of Finance and the National Treasury are positioned to finalize the budget for presentation to Parliament next week. This action comes after a previous postponement of the budget announcement to allow for further discussions regarding funding challenges.
In conclusion, the Cabinet has made significant progress towards finalizing South Africa’s budget for the 2025 financial year. This process involves careful consideration of various funding options to address fiscal constraints, while also aiming to alleviate impacts on vulnerable households and promote economic growth. The budget is set to be presented to Parliament on March 12, 2025, following necessary deliberations.
Original Source: allafrica.com
