Following a parliamentary session on Thursday, the National Assembly has approved the 2023 Appropriation Bill.
The Bill, which was put forward by Finance Minister Enoch Godongwana on February 22, provides for the appropriation of money by Parliament from the National Revenue Fund in terms of Section 213 of the Constitution and Section 27 of the Public Finance Management Act.
In line with the government’s priorities set out in the 2022 Medium Term Budget Policy Statement, R1.077-trillion for the 2023/24 financial year has been recommended through the Bill.
“The proposed vote allocations allocate 74% to transfers and subsidies. These are transfers to provinces, municipalities, public corporations, and other non-profit making entities mainly for the payment of social grants, conditional grant allocations and transfers to public entities, university subsidies and the National Student Financial Aid Scheme,” explained Parliament spokesperson Moloto Mothapo.
The budget aims to balance the interests of reducing the budget deficit, stabilising government debt and supporting economic growth through infrastructure investment, and strengthening of the criminal justice system.
The implementation of growth-accelerating reforms in critical sectors such as energy, transport and logistics has also been raised.
The Standing Committee on Appropriations stressed the importance of ensuring that appropriated funds are used in a manner that is compliant with the laws and regulations governing the country’s public finances.
The Bill will be sent to the National Council of Provinces for consideration.