South African Revenue Service (SARS) Commissioner Edward Kieswetter has reaffirmed the organisation’s commitment to supporting Finance Minister Enoch Godongwana’s strategy for fiscal consolidation over the medium term.
President Cyril Ramaphosa and a delegation from the United States Congress have deliberated on the significance of the bilateral relationship between South Africa and the United States.
Government is introducing fundamental and far-reaching reforms to infrastructure financing and delivery in an effort to optimise the infrastructure value chain to be effective and efficient.
The health sector is expected to receive an allocation of R848 billion over the Medium Term Expenditure Framework with at least R1 billion directed to the National Health Insurance (NHI).
Social grants are expected to increase to keep in line with inflation and increase access for those who are eligible.
A combination of high debt servicing costs and a higher budget deficit has led to the introduction of a new reform of the Gold and Foreign Exchange Contingency Reserve Account (GFECRA).
Finance Minister Enoch Godongwana says although structural reforms have made “good progress”, load shedding and freight rail challenges remain an obstacle.
At least 70 municipalities have applied for and been approved for the Eskom debt relief programme introduced by National Treasury last year.
Government has raised US$3.3 billion so far from Multilateral Development Banks and International Finance Institutions to support climate change, energy, and just transition objectives.
South Africa’s economy is expected to grow at some 1.6% over the next three years, with real Gross Domestic Product (GDP) reaching 0.6% in 2023.
