MTEF 2024 Guidelines.pdf

Summary

The 2024 Medium Term Expenditure Framework (MTEF) Technical Guidelines serve as a formal directive from the South African National Treasury to govern the upcoming budget preparation process. Issued under the Public Finance Management Act, this document provides national departments and public institutions with the necessary instructions to submit their three-year expenditure estimates. The guidelines highlight a challenging economic outlook characterized by high unemployment, energy shortages, and a rising state wage bill, necessitating a fiscal strategy focused on debt stabilization and sustainability. To manage these pressures, the Treasury emphasizes spending reviews and fiscal consolidation, requiring departments to fund new priorities through the reprioritization of existing resources rather than additional allocations. Furthermore, the framework introduces expenditure tagging for cross-cutting priorities, specifically targeting gender equality and climate change initiatives. Explicit critical dates and submission requirements are outlined to ensure all government entities align their financial planning with the broader National Development Plan objectives.