In the National Budget Speech next week, Finance Minister Enoch Godongwana will outline all the financial, economic, and social commitments that the government will prioritise in its planned expenditure.

South Africans feeling the pinch of a strained economy will be eager to learn if taxes will be increased, including so-called sin taxes – tax on items such as alcohol or tobacco, if social grant recipients will be receiving more cash in their pockets, and if there are any National Health Insurance budgetary developments.

Last week, President Cyril Ramaphosa delivered the 2024 State of the Nation Address and outlined the national government’s plans to tackle the country’s energy crisis and other socio-economic challenges.

Despite the limited resources available to Godongwana, he will aim to balance economic growth with support for the vulnerable, Parliament said this week.

Godongwana will provide a detailed plan for 2024 spending, including proposals for revenue collection to help fund government’s planned interventions and commitments.

He will also introduce the Appropriation Bill and table the Division of Revenue Bill, which Parliament will process in the following months.

In an article published yesterday, George Herald reported that economists at PwC have predicted that about 20% of the budget will need to go to servicing government debt to give credibility to South Africa’s fiscal integrity.

The minister will present the budget allocation for 2024 to Parliament on Wednesday at 14:00 at the Cape Town City Hall.

The speech will be broadcast live on Parliament’s DSTV Channel 408; and livestreamed on Parliament’s website and social media platforms, including its YouTube channel.