Cape Town: Cabinet has affirmed its support for the 2025 National Budget tabled by the Minister of Finance, detailing key spending priorities over the next three years within the country's fiscal envelope.
According to South African Government News Agency, Minister in The Presidency Khumbudzo Ntshavheni, during a post-cabinet briefing, stated that the National Budget demonstrates the government's commitment to fiscal discipline. The budget outlines a plan to invest R1 trillion in infrastructure over the coming three years, aiming to steer the economy while providing for the most vulnerable in society.
The Minister highlighted that this budget will allocate 61 cents of every Rand of consolidated, non-interest expenditure to free basic services such as electricity, water, education, healthcare, affordable housing, and social grants for those in need.
Finance Minister Enoch Godongwana returned to Parliament to re-table the 2025 Budget Review, following his announcement to maintain the Value-Added Tax rate at 15 percent, reversing a proposed increase. The revised budget adheres to technical processes and consultations as required by the Money Bills and Related Matters Act, including discussions with the Financial and Fiscal Commission and political parties within the Government of National Unity before Cabinet approval and presentation to Parliament.