The agreement follows a special cabinet meeting which was convened on Monday, to consider inputs by members of the cabinet into best possible options, under the circumstances, to fund the budget of 2025/26 financial year and the medium term.
According to a statement from the Department of Treasury, Monday’s meeting was a follow-up to the one held on 24 February, that “allowed broad discussions on the country’s fiscal constraints and the need for rapid implementation of the three key priorities of the 7th administration under the Government of National Unity.”
At the meeting of 24 February, President Cyril Ramaphosa set-up a ministerial meeting led by Deputy President Paul Mashatile to work with Godongwana and his team to consolidate cabinet inputs for further consideration.
Following the directive, the team led by Mashatile has since tabled a variety of options that were considered by the cabinet.
“Cabinet mandated the Minister of Finance to select from the discussed options and fund the Budget in a manner that takes into consideration the fiscal constraints of the country, mitigates the impact on the poor and middle-income households, and supports economic growth.
With the conclusion of the cabinet input process into the budget, the Minister of Finance and National Treasury are now set to finalise the budget and table it before parliament on the 12th of March 2025,” read a statement from Treasury.
