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YOUNG YOU | We talk about South Africa’s medium-term budget

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The minister of finance, Tito Mboweni, during his 2020 medium-term budget speech. (Photo: Gallo Images/Getty Images)
The minister of finance, Tito Mboweni, during his 2020 medium-term budget speech. (Photo: Gallo Images/Getty Images)

The minister of finance, Tito Mboweni, delivered his medium-term budget speech for South Africa at the end of October. What’s the purpose of this budget speech and what were some of the most important announcements made?

It’s a speech by the minister of finance in which he presents the government’s budget to parliament and the nation.

A budget is your plan for the amount of money you intend spending and what it will be spent on. The government usually compiles its budget for the 12 months from 1 April to 30 March – this is referred to as the financial year. 

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