Minister Enoch Godongwana delivers first budget speech

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What measures will Finance Minister Enoch Godongwana announce in the medium term budget to restore fiscal discipline while balancing it with the needs of the poor?

Godongwana will answer this question when he tables the Medium Term Budget Policy Statement (MTBPS) in Parliament on Thursday, November 11.

Originally scheduled for November 4, the minister requested his first Budget presentation be postponed.

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National Assembly Speaker, Nosiviwe Mapisa-Nqakula has accepted Godongwana’s request for this amendment to the National Assembly programme.

In a brief statement, the National Treasury said the postponement was due to the Local Government Elections due to take place on Monday, 1 November.

“All processes leading up to the finalisation of the MTBPS remain on track,” read the statement.

The 2021 MTBPS comes against a tough economic backdrop, fueled by the pandemic and the recent public violence in KwaZulu-Natal and Gauteng that was said to have cost the country’s economy in the region of R50 billion.

In a statement, Parliament said the MTBPS made it possible for Parliament and the public to interact with government’s budget through committee oversight over government departments, when committees review the effective and efficient use of available resources.

Godongwana’s speech will set out the policy framework for the Budget that is presented every February, updates National Treasury’s economic forecasts, adjusts the budgets of government departments and makes emergency changes to spending.

“The process is known as the Budget Review and Recommendations Reports, which must be tabled in the National Assembly before the MTBPS reports are adopted.”

At the same sitting, the Minister was scheduled to table the Adjustments Appropriation Bill, the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, the Taxation Laws Amendment Bill, the Division of Revenue Amendment Bill and the Tax Administration Laws Amendment Bill. 

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