MTBPS 2025: A measured turn

SA’s 2025 Medium-Term Budget Policy Statement angles towards fiscal credibility

ON 12 November 2025, Finance Minister Enoch Godongwana delivered South Africa’s Medium-Term Budget Policy Statement (MTBPS), a key mid-year fiscal update that reviews performance against the February Budget, reallocates spending where needed, and recalibrates priorities for the year ahead.

This year’s MTBPS was presented against a more constructive backdrop than earlier in the year, with broader consultation within the Government of National Unity (GNU) and improved in-year fiscal performance helping to set a more measured, market-friendly tone.

The market response was quick and positive.  The rand strengthened, bond yields eased, with bullish sentiment around ‘SA Inc’.

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