National Treasury expects improved growth prospects for the South African economy, despite slowing projected growth of some 1.1% in 2024 – down from the projected 1.3% earlier this year.
Finance Minister Enoch Godongwana has told Parliament that in order for government to achieve its goals of, amongst others, inclusive growth and reducing unemployment, the country must better manage its debt.
Revenue from tax collection in 2024/25 is expected to be down by R22.3 billion from National Treasury’s estimations made in February this year.
Minister of Finance Enoch Godongwana has announced reforms that will create conditions to attract greater infrastructure investment by private sector particpation.
Finance Minister Enoch Godongwana says government non-interest expenditure is expected to increase in 2024/25.
Government is expected to launch the next phase of Operation Vulindlela aimed at accelerating the implementation of structural reforms.
Over the medium term, government will anchor its economic growth strategy on four key areas in order to support inclusive growth.
As part of efforts to exit the Financial Action Task Force (FATF) grey list, government will establish a shared forensic capability within the Financial Intelligence Centre to strengthen efforts to exit the grey list.
Government is exploring options for purchasing insurance for certain climate-related disaster events, where such a practice would not undermine budget sustainability.
National Treasury has warned that municipalities slow compliance with conditions of the debt relief programme on arrears to Eskom risk delaying debt write-offs.
