South Africa’s budget process moves into a critical phase ahead of the 3 April deadline for parliamentary approval. Key finance committee meetings take place this week, while budget speeches will be delivered in five provincial legislatures. Globally, the Israel-Palestine conflict and the war in Ukraine continue to dominate the agenda.

It’s a busy week in Parliament with multiple committee meetings, a ministerial question session, and a debate marking Human Rights Day. Meanwhile, the South African Reserve Bank will announce its interest rate decision, alongside monetary policy updates from the US Federal Reserve, Bank of England, Bank of Japan, and Bank of Russia.

Finance Minister Enoch Godongwana delivers his Budget Speech on Wednesday after its postponement three weeks ago, while President Ramaphosa faces questions from MPs on Tuesday. Internationally, further US tariffs and retaliatory measures take effect, and Ukraine remains front and centre of the global diplomatic agenda.

Parliament will this week hold a debate called by EFF leader Julius Malema on the US government’s decision to halt aid to South Africa, while Ministers in the peace and security cluster will answer questions in the National Assembly. Events shaping the global agenda include US President Donald Trump’s address to Congress, the EU Summit on Ukraine, and the Arab League emergency meeting on Gaza.

The Finance Minister’s proposed 2% value-added tax (VAT) hike, which derailed last week’s Budget Speech, is set to be discussed at party and Cabinet level this week. Internationally, Russia’s war in Ukraine will be in focus at the G7, United Nations, European Union, and at other summits and bilateral meetings.

The Minister of Finance’s Budget Speech takes centre stage this week, outlining the government’s fiscal plans against a backdrop of slow economic growth, revenue shortfalls, and mounting debt pressures.