Finance Minister Enoch Godongwana is set to deliver the Medium-Term Budget Policy Statement (MTBPS) in the National Assembly at the Good Hope Chamber in Parliament this afternoon at 14:00SAST.
The MTBPS is a key component of South Africa’s annual budget process, setting out government’s policy direction ahead of the national budget in February 2026.
It provides updated economic forecasts, adjusts departmental budgets, and allows for emergency spending changes where necessary.
Parliament confirmed that the Finance Minister will also table several accompanying pieces of legislation, including the Adjustments Appropriation Bill, the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, the Taxation Laws Amendment Bill, the Division of Revenue Amendment Bill, and the Tax Administration Laws Amendment Bill.
According to Investec, the 2025 MTBPS is expected to reaffirm government’s commitment to stabilising debt, mobilising infrastructure investment, and prioritising service delivery, while acknowledging weak growth and mounting fiscal pressures .
Economists anticipate a cautious tone from Godongwana, with modest tax adjustments to support fiscal consolidation and revenue collection.
The debt-to-GDP ratio is projected to rise to 77.2% from 75.9% in the previous financial year, primarily due to slower nominal growth.
Key challenges remain around funding for municipalities, social spending, and state-owned enterprises.
The ANC has called for the mini-budget to emphasise job creation, while opposition parties have urged stricter fiscal discipline and reform to restore public confidence.
In its submission, the African Christian Democratic Party (ACDP) called for “oversight matched with accountability and consequence management,” urging government to prioritise ethical appointments within local government and ensure compliance with legislative frameworks.
The Finance Minister’s address will also allow Parliament and the public to engage with government spending plans through the Budget Review and Recommendations Reports, a process that ensures oversight over departmental expenditure before the main budget is finalised.
The 2025 MTBPS comes amid persistent unemployment, slow growth, and a challenging fiscal environment, with analysts predicting that Godongwana will seek to balance fiscal restraint with measures to stimulate the economy.
Watch the live stream of the Medium-Term Budget Policy Statement below.
