Budget speech 2023

2023/24 Budget Speech by Minister of Finance Enoch Godongwana 22 February 2023. Madam Speaker, Nosiviwe Mapisa-Nqakula;. His Excellency, President Cyril ...

To put the fear of failure aside and execute the difficult trade-offs needed to get from where we are now, to where we want to be in the future. This takes the total direct allocation to R522 billion over the same period. The allocations for these state-owned companies will be accompanied by strict conditions to ensure sustainability, accountability and transparency. The 2023 Budget increases allocations for all three spheres of government, to assist with urgent spending pressures. In addition to a direct allocation for capital and ICT projects, provisional allocations are set aside to improve revenue raising capabilities of SARS. The result is a total increase to R2090. At the end of December 2022 Municipalities owed Eskom R56.3 billion and the debt is rising. At the same time, we are looking at initiatives to leverage private sector resources in public infrastructure delivery. In digital telecommunications, we will soon switch-off the analogue signal and finalise the migration to digital signal. As we undertake infrastructure projects, we need to crack down on criminality in the construction sector. Firstly, doing so will ease pressure on the company’s balance sheet, enabling it to invest in transmission and distribution infrastructure. In response, we are acting decisively to bring additional capacity onto the grid.