Cape Town – Parliamentary chair Thoko Didiza has repeatedly prepared to “quickly and responsibly” process and adopt the revised budget and fiscal framework within the legally defined time frame.
On Wednesday, April 30, 2025, Chair of the Parliament's Program Committee, Chairman Didiza said every effort will be made to ensure that government operations continue seamlessly and that principles of accountability and sound financial governance are supported.
The speaker said Finance Minister Enoch Godonwana has taped the parliament's revised budget and financial framework, and that the sitting will be a physical meeting.
Earlier on Wednesday, Finance Minister Godonwana announced on May 21, 2025 that he would retable the 2025 budget review.
The Finance Minister announced a new date to tap the revised budget just three days after putting aside the fiscal framework adopted by Congress in early March.
Minister Godonwana said a comprehensive review will be held in the third attempt to pass the budget by the Congress. He said this includes the fiscal framework, the Expenditure Bill, the Revenue Division Act, as well as amendments to the already-faced amounts and amounts and revenue bills.
This review follows Minister Godonwana's recent announcement that it will reverse the previously proposed 0.5% point increase presented in the March 12 budget and maintain the VAT rate at 15% of its current level.
“The revised budget will comply with all established technical processes and consultations as stated in the Money Bill and Related Issues Act,” the Treasury Department said.
“This includes formal consultations with the Financial and Finance Committee, thorough consultations with all political parties within the national unified government, and approval of the Cabinet prior to presentation to the Parliament.
“Until a new budget is passed, government services will continue to be funded under Section 29 of the Financial Management Act.”
The Treasury said this allows spending up to 45% of last year's budget for the first four months, and then up to 10% of its spending each month.
“While waiting for the 2025 Revenue Act to be passed, state and municipal funding will continue under the 2024 Act, allowing up to 45% of allocated funds to be transferred,” the Treasury Department explained.
“Deferral of budget passage is not ideal, but the circumstances leading to this decision underscore the importance of meaningful involvement in financial issues.”
However, the Treasury said his situation provided valuable opportunities for all stakeholders to provide valuable opportunities for all stakeholders, including citizens, parliamentary, labor organizations and civil society, to promote financial growth and to engage in the complex challenges of protecting important public services within very limited resources.
“The National Treasury Department has already begun work on developing a new fiscal framework that will maintain its trajectory towards debt stabilization, which is a key component to strengthening our finances.”
This process includes:
Recalculate revenue forecasts to revise economic assumptions using the latest available data to generate updated fiscal projects and to determine the tax impact of determining the appropriate borrowing strategy to integrate these factors into a consistent sustainable fiscal framework, commit to transparent communication throughout this process and provide further updates as it becomes available.
“We owes to the hard-working citizens of South Africa to be open and transparent about how taxes are spent,” Minister Godonwana said.
“The budget submitted on May 21, 2025 aims to maintain these principles.”
