Image Source: Polity
Local – The cancellation of yesterday’s budget speech was a shocking surprise to many South Africans. However, President Cyril Ramaphosa wishes to assure South Africans that the Cabinet’s continuing deliberations on the Budget will deliver outcomes that will protect vulnerable citizens and lay a platform for economic growth.
President Ramaphosa explained that the postponement of the 2025 Budget Speech, initially scheduled for Wednesday, 19 February 2025, was due to disagreement within the Cabinet.
However, he emphasised that the decision also reflected a collegial and mature consensus to ensure that Budget proposals are thoroughly reviewed to safeguard the well-being of the economy and individual citizens.
“We are called upon as the national leadership to pursue all initiatives aimed at growth in order for us to increase employment and alleviate the effects of poverty.”
The President further assured that the Government of National Unity would intensify efforts in the coming days and weeks to balance the government’s fundamental growth objectives with the challenges posed by a constrained fiscal environment.
“We are working as partners to ensure that the Budget is one that works for individuals and investors alike,” President Ramaphosa added.
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Finance Minister Confirms New Budget Speech Date
The Cabinet has postponed the tabling of the 2025 Budget Speech by the Minister of Finance, Enoch Godongwana, to 12 March 2025. Minister in the Presidency, Khumbudzo Ntshavheni, confirmed that the postponement was a collective Cabinet decision.
On Wednesday, Minister Godongwana was initially scheduled to outline the government’s financial, economic, and social priorities for 2025 in the National Assembly. However, the speech was delayed for further deliberations.
“The annual Budget is tabled by the Minister of Finance but requires the deliberation of the Cabinet before it is presented in the National Assembly. Cabinet is united in the view that the Budget must strike a balance between the interests of the public, economic growth, and fiscal sustainability,” Godongwana explained.
The Minister further highlighted that Section 27 of the Public Finance Management Act permits the Budget to be tabled after the start of the financial year under exceptional circumstances. Thus, further Cabinet discussions will occur before the revised Budget is presented on 12 March 2025.
