South Africa’s Third Version of National Budget to be Tabled on 21st May

(3 Minutes Read)

Godongwana admitted that the budget process thus far, with one version withdrawn before it was delivered and a second tabled and then withdrawn, was “messy.”

South African Finance Minister Enoch Godongwana confirmed in a media briefing in Pretoria recently that SA’s new National Budget (version 3.0) will be tabled on 21 May.

This was his first direct interaction with the SA press since his U-turn on the VAT and following the Western Cape High Court ruling on the matter on Sunday.

Godongwana admitted that the budget process thus far, with one version withdrawn before it was delivered and a second tabled and then withdrawn, was “messy.”

Godongwana ascribed the chaotic process to “uncharted waters” associated with coalitions and the government of national unity (GNU) that required the support of several political parties to pass the budget.

He announced that the National Treasury, after the passing of this latest budget on 21 May, will develop a new process with consultations starting as early as September, ahead of the October Medium-Term Budget Policy Statement (MTBPS).

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The minister emphasised the government’s commitment to fiscal consolidation, adding that that is what investors and rating agencies look at when considering the credibility of the National Treasury. Investors and rating agencies know the chaos of coalitions in the developed world, he said.