Debt service costs and civil servant wages account for 61% of total government spending, reducing budgets for, say, education, infrastructure and health
Finance minister Enoch Godongwana forecast 1.8% growth over three years, coupled with a bigger deficit, as debt service costs crowd out fiscal space
The funds have been allocated to the departments of justice and international relations to cover their costs in bringing the case before the International Court of Justice
Instead, Finance Minister Enoch Godongwana promised steps to ease the requirements for public-private partnerships
An amount of R11 billion will be set aside to allow people early exit from public service
Finance Minister Enoch Godongwana has doubled down on the government’s fiscal consolidation efforts by reducing spending from 28.6% of GDP in the 2023-24 financial year to 27.6% in 2024-25. This largely reflects measures implemented in recent years and slower growth projected in non-interest expenditure relative to GDP, the treasury said in its medium-term budget policy […]
The Reserve Bank governor confirmed the central bank is in talks with the treasury over calls to tap the Gold and Foreign Exchange Contingency Reserve Account
Finance Minister Enoch Godongwana has been battling illness
A senior treasury official told MPs the intention was not to close the widening deficit through higher personal income taxes
Finance Minister Enoch Godongwana has emphasised the need to address supply-side constraints, such as the country’s energy and logistics crises
Increases will be announced in the new year to raise an additional R15 billion in revenue
Finance Minister Enoch Godongwana said he would resist the temptation to respond to the entity’s call for a cash injection through the media
But Finance Minister Enoch Godongwana says beyond that mark, a comprehensive review of all welfare grants is needed
A report by treasury and the World Bank estimated the average funding gap for financing disaster response in South Africa at R2.3 billion
The aim is to get better value for money spent, and to close or merge entities, Finance Minister Enoch Godongwana said
The treasury is looking to enforce strict conditions on the power utility, which is viewed as a major risk to the country’s economic outlook
The minister underlined that in the wake of efforts to grow the economy, the government must respect budget constraint
Today, as the country awaits the next update on the state of its public purse, the prospect of a debt crisis seems more imminent than before. This is as South Africa’s fiscal position has deteriorated markedly during the course of this year, a dilemma that could see the treasury inflicting another round of spending cuts.
CEO Busi Mavuso said it appeared that only the national treasury understood the need to curtail government spending
The ruling party’s economic transformation committee head, Mmamoloko Kubayi, said the treasury’s proposals were ‘unfortunate’, ‘illegal’ and a ‘tick-box exercise’
The proposal suggested the bloated cabinet be cut and departments trim their expenditure
Another round of spending cuts stand to shake the governing party’s already rickety foundations
Policymakers have been warned to remain disciplined as economies navigate headwinds — no matter how much it hurts
Like a household, new spending will be financed through tax increases or budget cuts
Critics of fiscal consolidation warned that spending cuts would harm an already fragile economy
The Reserve Bank governor has cautioned against ‘reckless’ fiscal and monetary policies amid global shocks
Fiscal consolidation is drawing to a close as the public purse was boosted by commodities, but the treasury will probably continue exercising restraint
A healthier public purse could signal better days ahead, but a lot remains to be seen
The medium-term budget policy statement has received criticism and praise from civil society
After a small increase in the MTBPS, there will be further allocations for the NPA and the fight against financial crime in the 2023 budget
The finance ministry confirmed that it is still mulling whether and how to replace the interim measure with a basic income grant
The state is set to achieve a primary budget surplus a year earlier than expected