Finance Minister Enoch Godongwana will deliver South Africa’s Medium-Term Budget Policy Statement (MTBPS) on 12 November, outlining the government’s fiscal and economic plans for the next three years. Often referred to as the “mini-budget,” the MTBPS provides a crucial update between February’s main Budget speeches, setting the tone for spending, borrowing, and reform priorities.
This year’s statement comes at a challenging time for the economy. Growth remains sluggish, tax revenues have underperformed, and public debt is approaching 75% of GDP. Treasury is expected to reaffirm its commitment to fiscal discipline while balancing urgent social and infrastructure spending needs.
While significant tax increases are unlikely at this stage, there may be indications with regards to next year’s fiscal strategy—particularly on corporate and personal tax adjustments, expenditure ceilings, and plans to improve the efficiency of state-owned enterprises. The speech is also expected to highlight ongoing structural reforms under Operation Vulindlela, with renewed emphasis on energy security, logistics, and public-private partnerships to unlock investment.
For businesses, investors, and public-sector partners, the MTBPS serves as an important signal of the government’s fiscal direction and priorities ahead of the 2026 national budget. Clarity on debt management, infrastructure financing, and economic growth measures will shape expectations for inflation, interest rates, and business confidence in the months ahead.
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