What is the South African national budget?

What is the South African national budget?

Main budget revenue is projected to be R1. 35 trillion, or 25.3 per cent as a share of Gross Domestic Product (GDP) in 2021/22. This rises to R1. 52 trillion in the outer year (2023/24) of the Medium-Term Expenditure Framework (MTEF).

What is the department in which national budget helps the South African economy to grow and develop?

National Treasury is responsible for the following entities: The Development Bank of Southern Africa is a development finance institution with the primary purpose of promoting economic development and growth.

How are funds allocated in the South African budget?

The vertical division allocates funds between national, provincial, and local government. About 47 percent of these funds (excluding the top slice) are retained by the national government.5Another 52 percent is earmarked for the provinces, and the small remaining portion is divided between local governments (see Figures 2 and 3).

What does special adjustments budget do in South Africa?

This special adjustments budget sets out government’s initial economic and fiscal response to COVID-19. It fast-tracks normal processes to provide resources to frontline services, provincial and local government, and firms and households, with a focus on the most vulnerable South Africans.

Why is the supplementary budget important to South Africa?

It fast-tracks normal processes to provide resources to frontline services, provincial and local government, and firms and households, with a focus on the most vulnerable South Africans. It also underlines our commitment to stabilise the public finances and enact reforms that will promote trade, investment and job creation.

When was zero-based budgeting introduced in South Africa?

Although zero-based budgeting has been introduced in South Africa, it has been implemented with mixed results precisely because of the mentioned logic. In 1997 the budgetary process in South Africa changed even further with the introduction of the first Medium Term Budget Policy Statement (MTBPS).