The South African Cabinet has finalized discussions on the funding of the 2025/26 budget, with the Minister of Finance to present the budget to Parliament on March 12, 2025. A team led by Deputy President Paul Mashatile worked on potential funding strategies, emphasizing the necessity to mitigate impacts on low-income households while supporting economic growth.
The Cabinet of South Africa has concluded its discussions regarding the funding shortfall for the 2025/26 budget, as reported by the Government Communication and Information System (GCIS). Following a special Cabinet meeting held to assess funding options, the Minister of Finance, Enoch Godongwana, along with the National Treasury, is expected to finalize and present the budget to Parliament on Wednesday, March 12, 2025.
During a previous special meeting on February 24, 2025, President Cyril Ramaphosa established a team led by Deputy President Paul Mashatile to collaborate with the Minister of Finance and National Treasury. This team was tasked with blending input from Cabinet members into feasible strategies for financing the budget amidst prevailing fiscal constraints.
Cabinet emphasized the necessity to address the economic challenges while minimizing adverse effects on low and middle-income households. The Minister of Finance has been entrusted with making choices from the options reviewed and ensuring that the budget reflects the country’s fiscal limitations while promoting economic growth.
The recent Cabinet statement indicated that the consultation process regarding the budget is now complete. This paves the way for the Minister of Finance and the National Treasury to finalize the budget ahead of its presentation to Parliament on March 12, 2025, after last month’s postponement for further discussions.
In conclusion, the Cabinet of South Africa is actively working towards addressing the budgetary challenges faced in the 2025/26 fiscal year. The collaborative efforts led by senior government officials aim to balance the budget while ensuring support for vulnerable households and fostering economic growth. The finalized budget is scheduled for presentation to Parliament on March 12, 2025, following thorough consultations and planning.
Original Source: allafrica.com
