WATCH: Godongwana delivers 2022 budget speech

Finance Minister Enoch Godongwana will on Wednesday at 2pm deliver his inaugural national budget speech in Cape Town.

Budget speech

Godongwana is expected to provide details on government’s spending priorities for the year ahead, how to address its large budget deficit, and new sources of tax revenues, among others.

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The minister will also provide details about how the priorities outlined in President Cyril Ramaphosa’s State of the Nation Address (Sona) will be funded.

WATCH LIVE: 2022 national budget speech, courtesy of SABC News

The budget speech is the most significant event after the Sona, and Godongwana faces a difficult task in balancing the books amid South Africa’s sluggish economic growth and increasing unemployment rate.

According to Miyelani Mkhabela, chief executive and chief economist at Antswisa Transaction Advisory, the minister is expected to allocate a higher percentage of the budget to economic development, covering special economic zones (SEZs) that can boost economic growth, economic development and job creation.

Mkhabela said Godongwana must give assurances to the nation on the South African debt restructuring mechanisms and the agreed revised repayments terms, as the International Monetary Fund has expressed concern that South Africa’s outlook remains precarious.

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