Online Reporter
Nqobile Bhebhe [email protected]
GOVERNMENT has overhauled the national budget preparation process, introducing a formal timetable that requires ministries, departments and agencies to submit their budget proposals by September 30, while the National Budget must be presented to Parliament no later than the third Thursday of November.
The changes are contained in Statutory Instrument 153 of 2026, Public Finance Management (General) (Amendment) Regulations, 2026 (No. 2), published in the Government Gazette dated October 2, 2026.
The regulations amend the Public Finance Management (General) Regulations, 2019, and repeal the Public Finance Management (General) (Amendment) Regulations, 2021, published under SI 127A of 2021.
Under the new framework, the Minister of Finance, Economic Development and Investment Promotion will determine the annual budget process, with a clearly defined timetable covering strategic planning, fiscal reviews, expenditure ceilings, budget submissions and parliamentary consideration.
Ministries, departments and agencies are required to provide input into the Budget Strategy Paper and Mid-Year Budget and Economic Review, including revised strategic priorities and expenditure intentions, by June 1.
The Finance Ministry is then required to present the Budget Strategy Paper and Mid-Year Fiscal Review to Cabinet by July 15, and to Parliament by July 31.
The Ministry must subsequently update the macroeconomic performance and forecast by September 1, before issuing the Second Budget Call Circular, containing medium-term expenditure ceilings, by September 10.
This is followed by budget submissions from ministries, departments and agencies by September 30.
Budget discussions between the Finance Ministry and individual ministries, departments and agencies will then take place from October 1 to October 21, creating a defined window for the scrutiny and reconciliation of spending proposals.
The Minister will present the proposed Budget to Cabinet at any Cabinet meeting in November before its presentation to Parliament.
Crucially, the new regulations stipulate that the Budget must be presented to Parliament “no later than the 3rd Thursday of November”, after which it will be debated and approved.
The revised process places greater emphasis on aligning government spending proposals with updated macroeconomic forecasts and medium-term expenditure ceilings before the final Budget is taken to Cabinet and Parliament.
The structured timetable provides clearer visibility over when fiscal policy proposals, expenditure priorities and the Government’s medium-term spending framework will emerge.
The regulations were made by the Minister of Finance pursuant to Section 92 of the Public Finance Management Act [Chapter 22:19].
The changes take effect through SI 153 of 2026, which now provides the statutory framework governing the annual budget preparation process.
