Cabinet has welcomed the bold measures introduced in the 2022 Medium Term Budget Policy Statement (MTBPS) to restore the health of the country’s public finances, just as the world economy was taking a dangerous turn for the worse.

This development is contained in a Cabinet statement, following its meeting on Thursday.

“The steps announced by Finance Minister Enoch Godongwana in Parliament, Cape Town on Wednesday, 26 October 2022, included narrowing our budget deficit greatly to improve our fiscal framework, support our economic standing and give South Africans every confidence in the future prospects of our economy.

“The planned increase in contingency reserves allows us to deal with emergencies such as natural disasters. The 2022 MTBPS further boosts our key priorities of infrastructure and service-delivery programmes, and provides additional relief to support the poor and vulnerable in our nation,” said Cabinet.

At its meeting, Cabinet called on all socio-economic sectors to partner with the government to uplift the economy to improve the lives of citizens across the country.

Source: South African Government News Agency