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#BudgetSpeech2023 in 90

#BudgetSpeech2023 in 90

#RSABudget2023 in 90 seconds

The South African Treasury's latest budget speech provides insights into the government's financial plans for 2023. The 2023 budget shows a continued focus on fiscal restraint, increased funding for infrastructure and safety, and debt relief for Eskom.

Debt relief for Eskom is one of the major highlights of the 2023 budget. The government plans to provide Eskom with debt relief of R254 billion over the next three years and will take over R70 billion of the utility's debt portfolio in 2025/2026. This relief aims to help restructure Eskom and make necessary investments to reduce the impact of load-shedding on the economy.

The Treasury's policy of fiscal restraint will continue, which means no tax increases to avoid harm to the economy. Social grants, except for the Covid-19 social relief of distress grant, will increase with inflation, and there is no provision for a basic income grant. The 2023 budget also allocates additional funding of R227 billion over the next three years for infrastructure improvement and support for safety and security, education, and health services.

In conclusion, the 2023 budget shows the government's financial plans for the coming year. While there is some relief for Eskom and increased funding for infrastructure and safety, there is also a continued focus on fiscal restraint and social grants.

For more information, click below to view direct highlights from the DEPARTMENT OF NATIONAL TREASURY - HIGHLIGHTS

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