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Treasury plans fiscal anchor law for each administration

Published

National Treasury said in the medium-term budget policy statement that it will soon publish draft fiscal anchor proposals for public comment. Finance Minister Enoch Godongwana said the draft law is expected in Parliament in 2027.

Treasury said the fiscal anchor will be based on principles and will not set numerical rules. Each administration must prepare a fiscal plan with its objectives and targets, in line with its electoral mandate.

Godongwana told the National Assembly that the approach "preserves flexibility in changing economic conditions while strengthening transparency, accountability and fiscal discipline". Treasury also said each government will keep responsibility for its fiscal choices.

Treasury released a Fiscal Anchors Discussion Document for public comment in March 2025. It offered two options: a numerical fiscal rule and a parliamentary procedures model. The document said slow growth and persistent deficits led to a tripling of public debt over 15 years.

Key facts

Who
Enoch Godongwana (finance minister); National Treasury (government department that proposed the fiscal anchor); Financial and Fiscal Commission (body that will assess the sustainability plan and forecast credibility)
What
Treasury, outlined in the medium-term budget policy statement (MTBPS) tabled in Parliament, will publish draft fiscal anchor legislation for public comment; the draft law is expected to be tabled in Parliament in 2027. The fiscal anchor will be principles-based rather than impose numerical rules.
When
21 October 2026
Where
South Africa
Status
Reported

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