South Africa

Finance Minister Enoch Godongwana says the Medium Term Budget Policy Statement (MTBPS) prioritises reforms aimed at enhancing the growth of the Gross Domestic Product (GDP).

More than 60 municipalities who owe Eskom for unpaid bulk electricity services have applied for government’s debt relief arrangement.

​​​​​​​Work is underway to reconfigure the structure and size of the State as part of government’s efforts to improve the efficiency and effectiveness of public spending.

Government will adopt a “prudent fiscal stance” which will aim to balance spurring economic growth, supporting society’s most vulnerable groups, stabilising public finances and reducing economic and fiscal risks.

The Medium Term Budget Policy Statement (MTBPS) has revealed how South Africa’s weak growth combined with arduous debt repayment obligations and other factors continue to affect the financial health of state-owned enterprises (SOEs).

Government has extended the COVID-19 Social Relief of Distress Grant (SRD Grant) until March 2025 while it considers social security policy reforms and a funding model.

The servicing of government’s rising debt is “crowding out” social spending in the country, says Finance Minister Enoch Godongwana.

Revenue collection is expected to fall by some R56 billion below the 2023 Budget predictions, according to the National Treasury Medium Term Budget Policy Statement (MTBPS).

Government is working hard to address deficiencies in the fight against organised crime and illegal financial flows, says Minister of Finance Enoch Godongwana.

South Africa’s medium term economic growth remains weak as a result of the cumulative cost of “power cuts, the poor performance of the logistics sector, high inflation, rising borrowing costs and a weaker global environment”.

Government plans to implement tax and expenditure measures to support the automotive sector to transition to a low carbon economy.

Human Settlements Deputy Minister, Pam Tshwete, says government is finalising the establishment of a Human Settlements Development Bank (HSDB) through legislative framework. 

President Cyril Ramaphosa has appointed Advocate Nompilo Kholeka Gcaleka as Public Protector of the Republic of South Africa for a non-renewable term of seven years with effect from 1 November 2023. 

Disability grant applicants have been encouraged to lodge an appeal if their application is not approved. 

President Cyril Ramaphosa will on Thursday morning welcome the Rugby World Cup Champions, the Springboks, to the Union Buildings in Pretoria.