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President Cyril Ramaphosa addresses Parliament.
President Cyril Ramaphosa wishes to assure South Africans that Cabinet’s continuing deliberations on the Budget will deliver outcomes that will protect vulnerable citizens and lay a platform for economic growth.
The President says, in a statement, that the postponement of the tabling of the Budget in Parliament was the result of disagreement but also collegial and mature consensus within Cabinet that Budget proposals be worked through comprehensively and productively to secure the wellbeing of the economy and individual citizens.
“We are called upon as the national leadership to pursue all initiatives aimed at growth in order for us to increase employment and alleviate the effects of poverty.
The Government of National Unity will in the coming days and week intensify our efforts to balance the imperatives that drive the fundamental growth objectives of this administration with the realities of a constrained fiscal environment.
We are working as partners to ensure that the Budget is one that works for individuals and investors alike,” explains Ramaphosa.
[WATCH]
Presidential spokesperson Vincent Magwenya says the postponement of the budget speech was the result of disagreement but also collegial and mature consensus among members of cabinet. pic.twitter.com/5A9SBL90rQ— SABC News (@SABCNews) February 19, 2025
Meanwhile, the rand weakened against the dollar following the postponement.
The local currency depreciated to R18.57 against the dollar from R18.33 earlier in the day.
However, the National Treasury says it’s not worried and will only be concerned by a sustained depreciation in the currency as this would have an impact on inflation.
