Finance minister Enoch Godongwana will deliver the 2023 budget speech on Wednesday at 14h00.
The budget speech can be viewed through several channels, including TV services like DStv (channel 408), news channels, and live-streaming sources like YouTube.
You can watch the Budget Speech from the following sources:
The speech can also be streamed below:
The 2023 budget speeches expected to be tense and eventful, with the finance minister in the hot-seat to address South Africa’s mounting issues.
At the top of the list of concerns will be Eskom.
Investors in South Africa’s cash-strapped power utility are on high alert for Godongwana’s plan to reorganise its mountain of debt.
Between one- and two-thirds of Eskom’s liabilities of about R400 billion are expected to be transferred to the state’s balance sheet, with the amount and some of the transfer terms likely to be announced in the speech.
The government guarantees about 80% of Eskom’s loans, and 13 of 17 economists surveyed by Bloomberg say it can take on at least half of the utility’s obligations without compromising efforts to reduce state debt and budget deficits.
Reducing Eskom’s obligations will free up funds for the utility to carry out plant maintenance and strengthen the power grid, which could lessen the severity of daily power outages. It will also add to the state’s debt burden of almost R5 trillion and to its repayment costs, which consume about 18% of main budget revenue.
The National Treasury is expected to make the relief contingent on Eskom meeting performance targets. Godongwana has previously said the transfer of funds to the state’s balance sheet will be staggered and that Eskom’s bondholders won’t be asked to accept losses, which would be tantamount to a default.
Beyond Eskom’s woes, the minister is also expected to deliver on the hopes and expectations of various sectors of society, including following through on announcements promised by president Cyril Ramaphosa during his State of the Nation Address.
This includes tax relief for the rollout of rooftop solar in the country, as well as inflation-linked hikes in social grants.
The government wage bill will also become a sharp focus, with public service unions banging on the treasury doors for a more significant cut. Godongwana is widely expected to hold the line and keep spending tight – however, social pressures are mounting as the ongoing cost of living crisis is exacerbated by the energy crisis.