On Wednesday evening, President Cyril Ramaphosa reassured the nation that the ongoing discussions within the cabinet on the 2025 Budget would result in outcomes that prioritize the well-being of vulnerable citizens while fostering conditions for economic growth.
This statement comes after the cabinet decided to postpone the scheduled tabling of the 2025 Budget Speech.
Unprecedented Delay of the Budget Speech
The Minister of Finance, Enoch Godongwana, was originally set to deliver the 2025 Budget Speech on Wednesday, outlining key financial, economic, and social priorities for the country.
The speech was scheduled to take place at 14:00 in the National Assembly.
However, in an unprecedented move, the tabling of the budget was delayed for further deliberation.
The new date for the Budget Speech has been set for 12 March 2025.
The Reason Behind the Delay
President Ramaphosa explained that the delay was due to “disagreement,” but also reflected a mature and collaborative decision within the cabinet to carefully work through the budget proposals.
The goal is to ensure that the final outcome serves both the economy and the citizens of South Africa.
The president emphasized that the national leadership is committed to pursuing initiatives that stimulate economic growth, increase employment, and reduce poverty.
Balancing Growth with Fiscal Constraints
The president also noted that while the government is facing a constrained fiscal environment, they are working to balance the fundamental goals of growth with the realities of limited resources.
“In the coming days and weeks, we will intensify our efforts to ensure that the Budget serves both individuals and investors,” he added.
What to Expect from the 2025 Budget
The Budget Speech is expected to reflect the financial allocations for national priorities set out by President Ramaphosa in the State of the Nation Address.
It will also detail the government’s spending plan for 2025 and provide proposals for revenue collection to fund various government interventions.
Despite fiscal constraints, the speech aims to strike a balance between supporting economic growth and aiding the most vulnerable members of society.