Cecil Kilpin | November 2023 Newsletter

By |2023-11-30T08:30:59+02:00November 30th, 2023|Business, Finance + Economics, Goverment, Newsletter|

Medium-Term Budget Policy Statement (MTBPS) Review. The Medium-Term Budget Policy Statement (MTBPS) for 2023 was unveiled by Finance Minister Enoch Godongwana on 1  November 2023. The MTBPS, also referred to as the "mini-budget", allows government departments to apply for adjustments to their budgets, apply for rollovers, and request additional funds for unforeseeable and unavoidable expenditures. It sets government policy goals and priorities, forecasts the macroeconomic trajectory, and projects the fiscal framework over the next three years by outlining spending and revenue estimates. The 2023 MTBPS came with the backdrop of poor global and local growth, falling revenues, and cost pressures for households, business, and government. As an alternative to raising taxes, the government was advised to focus on improving [...]