A challenging economic environment and severe fiscal pressure meant that the duty of delivering the 2024 National Budget Speech in a critical election year was guaranteed to be a sweat-inducing task, writes Dondo Mogajana, CEO of the Moti Group.
The former Director-General of National Treasury says:"With debt warning bells already ringing in the background, managing the delicate balancing act between social expenditure and other fiscal responsibilities, and the imperative need for prudent spending cuts to accommodate competing priorities, was no simple or easy feat.
"Yet, National Treasury and Minister of Finance Enoch Godongwana once again handled the job with impressive composure. The budget carefully managed the strategic dance between maintaining fiscal responsibility and allocating resources with precision, while addressing pressing national needs and safeguarding essential services. Clever cuts were made to ensure the protection of vital social programmes, and each sector received its due allocation despite limited resources, signalling a commitment to sustaining essential programmes over the medium term without resorting to drastic austerity measures."
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