Latest news with #FiscalPolicyFramework
IOL News
3 days ago
- Business
- IOL News
Budget 3. 0 will be supported, confirms Mashatile
Deputy President Mashatile assures Parliament of budget 3.0's passage Image: GCIS Deputy President Paul Mashatile has announced that the partners of the Government of National Unity (GNU) have reached a consensus to coalesce around budget 3.0, affirming its imminent support in Parliament. sion, which took place at the Sefako Makgatho Presidential Guesthouse in Pretoria on Friday. The high-profile assembly featured an array of stakeholders, including ministers, deputy ministers, premiers, and director-generals. 'In the Government of National Unity (GNU), we all agreed to support the budget, so there won't be a problem. The budget will go through as presented,' asserted Mashatile, reflecting an optimistic outlook for the budget's acceptance. Last week, Finance Minister Enoch Godongwana presented his budget speech in the National Assembly, marking the third attempt to establish the Fiscal Policy Framework for 2025 after two previous failures to deliver a balanced budget. This year's financial overview transcends the mere presentation of figures; it critically illustrates South Africa's developmental priorities, financial prudence, and the state of political stability within the nation. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The backdrop to this agreement has been fraught with challenges, particularly following the controversial reversal of a planned 0.5% increase in Value Added Tax (VAT). Godongwana has faced considerable pressure since this retraction, especially as the initial VAT hike, though supported by Parliament, was met with fierce opposition from political parties such as the Democratic Alliance (DA) and the Economic Freedom Fighters (EFF), who contested the decision in court. With this reversed policy, South Africa's national budget now grapples with a troubling R75 billion deficit. As the Minister for Finance, Godongwana is tasked with bridging this fiscal gap without resorting to additional borrowing or igniting further political disputes. IOL
IOL News
4 days ago
- Business
- IOL News
Budget 3. 0 will go through, we agreed, Mashatile confirms
Deputy President Paul Mashatile has confirmed that budget 3.0 will be supported in Parliament. Image: Independent Media Archives Deputy President Paul Mashatile has confirmed that the Government of National Unity (GNU) partners have agreed to support budget 3.0. Mashatile said on the sidelines roundtable aimed at strengthening the political and administrative structures. This was held at the Sefako Makgatho Presidential Guesthouse in Pretoria on Friday. The high-level discussion was attended by ministers, deputy ministers, premiers, and director-generals. 'In the Government of National Unity (GNU) we all agreed to support the budget so there won't be a problem. The budget will go through as presented,' Mashatile. Last week, Finance Minister, Enoch Godongwana, delivered his budget speech in Parliament in Cape Town. This was the third attempt at tabling the Fiscal Policy Framework for 2025 after failing twice to deliver a balanced budget. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The budget for this year was more than just a financial summary; it is a crucial indicator of South Africa's social priorities, budgetary responsibility, and political stability. After a controversial 0.5% VAT rise was reversed, Godongwana has been under a lot of strain. Despite being first accepted by Parliament, opposition parties such as the Democratic Alliance (DA) and the Economic Freedom Fighters (EFF) swiftly contested the increase in court. The national budget now faces a significant R75 billion deficit as a result of the reversal; the minister must close this gap without taking on more debt or stirring up further political turmoil. All GNU parties welcomed the minister's budget but emphasised that it should work for the people, especially the poor. IOL Politics
eNCA
21-05-2025
- Business
- eNCA
Budget 3.0
CAPE TOWN - Finance Minister Enoch Godongwana steps up once more to the podium at Parliament, set to deliver what has become known as Budget 3.0 - a third attempt at tabling the Fiscal Policy Framework for 2025 after two failed starts and a mounting economic crisis. This year's budget is more than just numbers, it's a litmus test of South Africa's political stability, fiscal discipline, and social priorities.
eNCA
21-05-2025
- Business
- eNCA
Budget speech 2025
Finance Minister Enoch Godongwana steps up once more to the podium at Parliament, set to deliver what has become known as Budget 3.0 - a third attempt at tabling the Fiscal Policy Framework for 2025 after two failed starts and a mounting economic crisis. This year's budget is more than just numbers, it's a litmus test of South Africa's political stability, fiscal discipline, and social priorities. Godongwana is under intense pressure following the reversal of a controversial 0.5% VAT hike, which was initially approved by Parliament but swiftly challenged in court by opposition parties, including the DA and the EFF. With that reversal, the Finance Minister now faces a staggering R75 billion hole in the national budget, a gap he must fill without further borrowing or triggering political backlash.
eNCA
20-05-2025
- Business
- eNCA
Budget 3.0: A Nation Holds Its Breath
CAPE TOWN - Finance Minister Enoch Godongwana steps up once more to the podium at Parliament, set to deliver what has become known as Budget 3.0 - a third attempt at tabling the Fiscal Policy Framework for 2025 after two failed starts and a mounting economic crisis. This year's budget is more than just numbers, it's a litmus test of South Africa's political stability, fiscal discipline, and social priorities. Godongwana is under intense pressure following the reversal of a controversial 0.5% VAT hike, which was initially approved by Parliament but swiftly challenged in court by opposition parties, including the DA and the EFF. With that reversal, the Finance Minister now faces a staggering R75 billion hole in the national budget, a gap he must fill without further borrowing or triggering political backlash. The Stakes Are High This budget lands at a time when South Africa's unemployment rate has risen to 32.9%, with youth unemployment at crisis levels. The core question: can the Minister present a plan that both curbs spending and fosters growth? eNCA will deliver rolling, in-depth coverage from dawn to dusk - with our team of anchors, economists, political experts, and reporters breaking down what this budget means for households, businesses, and the future of our economy. Live from the Studio and the Streets Our live coverage begins at 6AM, setting the scene on what South Africans can expect. Through the day, we will bring you: · On-the-ground reactions from protesting unions and opposition parties. · Expert commentary from economists, tax professionals, and political analysts. · Behind-the-scenes insights from our team in the Budget Lock-Up Room · Minister Godongwana's address at 2PM, live and uninterrupted. As public sector unions call for spending reforms and opposition parties warn of looming austerity, eNCA's Soap Box will also give ordinary citizens a platform to voice what cuts they believe should be made and what services must be protected. After the Speech: Answers, Analysis, and Accountability Our coverage doesn't end with the Minister's final word. In-depth interviews will follow, including a sit-down with Godongwana himself, an exclusive with SARS Commissioner Edward Kieswetter, and reaction from key government departments and political leaders. Expect robust analysis on whether this budget delivers real reform, or whether South Africa is simply papering over deep fiscal cracks. Join the Conversation eNCA invites all South Africans to engage, question, and debate as the numbers hit the page and the reality of Budget 2025 sets in. Follow our coverage on-air, online, and across social platforms.
