MOFNPT 2023 Budget is approved
December 01, 2022
The National Assembly has approved the 2023 budget allocation of the Ministry of Finance, National Planning and Trade.
A sum of R179.349 million has been appropriated for the ministry.
The bulk of the budget, R98.2 million, has been allocated to the Department of Finance, which is an increase of R44.04 million, or 50% when compared to the revised 2022 budget.
The Department of National Planning has a budget allocation of R4.6 million, which is the smallest allocation among the three departments of the Ministry, whereas the Department of Trade has been allocated a sum of R42.711 million.
The significant increase in the budget of the Department of Finance, includes R7.1 million under the salary heading – R1.9 million for the 13th month payment, R2.3 million for increase in salary and R2.9 million for new recruitments for a new unit to be set up: Asset (Seizure) Management Unit.
Under goods and services, there’s been an increase of R6.6 million; R2 million to cover the operational cost of the Asset (Seizure) Management Unit, acquisition of a new ‘debt management software at R550,00, R1.1 million to cater for the operational cost to set up the ‘Public Financial Management Modernisation Project (IFMIS), R823,000 transfer for subscription to international organisations as well as R1.897 million for transportation and travel.
Under ‘Non-Financial Assets’, the Ministry has allocated R33.931 million, in which R2.3 million will be spent in 2023 for a system which will track all projects financed by our international partners. The system which is expected to be operational by the end of 2023, is being financed by the African Development Bank. A loan of R30.1 million under a line of credit will also be taken for the Integrated Financial Management Information System, which work will start in 2023, and completed in 2025. Also a sum of R1.5 million has been allocated for the renovation of the Liberty House car park.
The Department of National Planning has had an increase in its budget allocation in 2023, which is R1.2 million more than the revised budget of 2022. The increase is mainly under the headings of payment of 13th month, increase in salary and travel.
On the other hand, the Department of Trade is seeing a reduction of R14.814 million, compared to the revised budget of 2022. The reduction is mainly due to the 11th EDF programme, which is managed by the department.
Increase though has been recorded in the recruitment, payment of 13th month, increase in salary and goods and services.