2023 National Budget Highlights

Energy crisis: With the lack of reliable electricity supply being the biggest economic constraint, the government is acting decisively to bring additional capacity onto the grid. Secondly, R337 billion of Eskom’s debt is already government guaranteed. Explicitly taking on some of this debt will reduce fiscal risk and enhance long-term fiscal sustainability.
Unemployment: Eradicating poverty, inequality, and unemployment is urgent, and a growing economy is key to achieving this objective. Implementing growth-enhancing reforms is a crucial element of the country’s growth strategy.
Economic growth: Mainly due to Eskom’s debt relief, government debt will stabilise at a higher level of 73.6 % of GDP in 2025/26. This is three years later than anticipated in the 2022 Medium Term Budget Policy Statement.
Infrastructure investment: Overall, the public sector is projected to spend R903 billion on infrastructure over the medium term. The largest portion of this, around R448 billion, will be spent by state-owned companies, public entities and through public-private partnerships.
Climate change: The government’s Just Energy Transition plan addresses urgent climate challenges. It aims to significantly lower emissions of greenhouse gases and harness investments in new energy technologies, electric vehicles, and energy-efficient appliances.

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