The South African Cabinet is finalizing the 2025 budget, scheduled for presentation on March 12, 2025, after assessing viable funding options. This follows discussions on fiscal constraints and priorities of the seventh administration. The Minister of Finance is tasked with selecting options to address the budget shortfall while minimizing negative impacts on low-income households.
The Minister of Finance, Enoch Godongwana, alongside the National Treasury, is poised to finalize the forthcoming budget, which will be presented to Parliament on Wednesday, March 12, 2025. This updating comes after a recent Cabinet meeting held to explore viable options for addressing the budget shortfall for the 2025/26 financial year.
During a Cabinet meeting on February 24, 2025, the pressing issues of the country’s fiscal constraints and the urgency to implement the priorities of the seventh administration were thoroughly discussed. President Cyril Ramaphosa established a team of Ministers, led by Deputy President Paul Mashatile, to collaborate with the Minister of Finance for formulating a comprehensive budget plan.
The deputy-led team, in conjunction with the National Treasury, proposed various funding options for consideration by the Cabinet. The Cabinet mandated the Minister of Finance to choose among these options, taking into account the nation’s fiscal limitations while ensuring that the needs of low- and middle-income households are addressed.
With the Cabinet input process now concluded, the Minister of Finance and the National Treasury will finalize the budget in preparation for its presentation to Parliament. Previously, the tabling of the budget was postponed for further deliberation due to funding challenges. This budget will outline the government’s financial and social priorities for the coming year, solidifying its planned expenditure.
In summary, the South African Cabinet is finalizing the 2025 budget in light of pressing fiscal constraints. With input from a team of Ministers, the Minister of Finance is tasked with selecting suitable funding options to mitigate impacts on vulnerable households while supporting economic growth. The budget is set to be presented to Parliament on March 12, 2025, following previous delays due to funding challenges.
Original Source: allafrica.com
