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By NOKUNCEDA MAGAGULA | 2024-11-22
As the nation eagerly anticipates the upcoming 2025/26 national budget scheduled for delivery in March, 2025, the ministry of finance has reaffirmed its commitment to crafting a fiscal plan that will positively impact the lives of Emaswati.
The ministry has assured the public that they are diligently working to develop a budget that aligns with the government's priorities and addresses the pressing needs of the nation.
Key areas of focus to include stimulating economic activity through targeted investments and policies aimed at fostering entrepreneurship and job creation, enhancing social programs and services, particularly in areas such as education, healthcare and social protection as well as infrastructure.
According to the Minister of Finance Neal Rijkenberg, government would be working diligently between now and March to finalise a budget that addresses the needs of Emaswati.
Rijkenberg emphasised the importance of this process.
“It’s a grind from now to March to ensure that the budget is in place and speaks the best to lives of Emaswati,” he said.
Rijkenberg elaborated on the budget formation process, explaining how essential it was not only for government, but also for individuals residing in the country.
“A budget is mainly for setting how you would spend your money before receiving it,” he said.
The minister stated that personal budgeting was critical, warning that without it, individuals may spend impulsively rather than prioritising their most important needs.
He shared that the budget process for the government began with identifying goals for the upcoming year.
“We prepare a medium-term fiscal framework, which outlines the most critical tasks that need to be addressed in the coming years,” Rijkenberg noted.
The minister stated that this framework was then integrated with projected revenues, including contributions from the Southern African Customs Union (SACU) and anticipated tax receipts.
“We create a ceiling that reflects the financial resources we expect to have, because if you do not start with the ceilings, it is difficult to budget because the need is astronomical,” he said.
The minister added that once the ceilings were established, they were then presented to the Cabinet for approval.
Following this, the ministry distributes a budget circular to all government ministries, providing guidelines on their respective budget ceilings.
“We expect each ministry to understand the needs of their areas of responsibility,” Rijkenberg stated.
Ministries then presented their needs to a committee known as the Portfolio Budget Committee (PBC), which comprises representatives from three key ministries: economic planning, public service and finance.
“The PBC ensures that the budget aligns with the most critical and urgent needs of the country,” he said.
After compiling its report, he stated that the PBC submitted it to the Cabinet for review before it was forwarded to the portfolio committee for further examination.
The minister said the final budget required approval from His Majesty King Mswati III.
Rijkenberg concluded by reinforcing the significance of budgeting in personal lives.
“Before you receive income, you have to know what your plans are. It is critical to budget effectively,” he said.
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