Finance Minister Enoch Godongwana delivered the 2024 National Budget Speech on Wednesday, 21 February.
Continual rolling blackouts are showing little sign of stopping, while port and rail inefficiencies and a high sovereign credit risk remain threats to economic growth in the country, the minister said.Compared to a year ago, the budget deficit for 2023/24 is estimated to worsen from 4% to 4.9% of GDP.
He said the revision is due to weaker-than-expected outcomes in the third quarter of 2023, particularly in household consumption and fixed investment.“The growth outlook is supported by the expected easing of power cuts as new energy projects begin production and as lower inflation supports household consumption and credit extension,” said Godongwana.
Godongwana said this would help reduce debt-service costs and the amount the government needs to borrow from investors to fund its spending plans. Rather than raising income tax rates, he won’t adjust personal tax brackets for inflation, which the government expects to run at 4.9% this year.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Minister of Finance to Present Budget for 2024 Fiscal YearMinister of Finance Enoch Godongwana will be presenting the country's budget for the upcoming fiscal year in Parliament at a sitting of the National Assembly at the Cape Town City Hall tomorrow, 21 February 2024. The budget speech is expected to address the country's financial challenges, including credit rating downgrades, government debt, and a significant deficit. The timing of the speech, just before a national election, adds to the difficulty for the minister.
Source: 2oceansvibe - 🏆 43. / 51 Read more »
Budget 2024: Smokers and drinkers face inevitable sin tax hikesTabling the 2024 budget on Wednesday, Finance Minister Enoch Godongwana announced an increase in excise duties for alcohol of up to 7.2% while tobacco products will increase by up to 8.2%.
Source: ewnreporter - 🏆 35. / 51 Read more »
Budget 2024: Tough line on bailouts could see Eskom debt relief cut by R2 billionThe budget points to state-owned entity bailouts as ‘a key driver of South Africa’s increasingly constrained fiscal position
Source: mailandguardian - 🏆 2. / 92 Read more »
Godongwana's budget is a mixed bag: COSATU - SABC News - Breaking news, special reports, world,The country's labour sector has expressed mixed feelings about the 2024 budget speech.
Source: SABC News Online - 🏆 32. / 51 Read more »
Godongwana taps gold and forex reserves amid debt crisisBudget 2024 | Godongwana taps gold and forex reserves amid debt crisis
Source: Fin24 - 🏆 21. / 63 Read more »
5 takeaways from the 2024 budget speechIt comes at a time when the government is faced with a mismatch of less-than-expected revenue collection and higher-than-desired spending, resulting in a fiscal deficit.
Source: ewnupdates - 🏆 30. / 53 Read more »