MTBPS and Adjustments Appropriation Bill Tabled Under PFMA Section 28

Posted 21 October 2026 Written by Acts Online
Category Public Finance

Brought to you by SAnews: In terms of section 28 of the Public Finance Management Act, No. 1 of 1999 (PFMA), the Minister of Finance is tabling the Medium-Term Budget Policy Statement (MTBPS) and the Adjustments Appropriation Bill before the National Assembly.

Section 28 of the PFMA requires National Treasury to table multi-year revenue and expenditure projections, together with key macroeconomic forecasts, in the National Assembly each financial year. The statement sets the Medium-Term Expenditure Framework (MTEF) baseline, establishing the macro-fiscal limits and policy priorities governing the upcoming national budget tabled annually in February.

Concurrently, the tabling of the Adjustments Appropriation Bill provides legislative mechanism for shifting departmental allocations and appropriating supplementary funds for unforeseeable and unavoidable expenditure under the prevailing budget cycle.

Following the tabling, the parliamentary oversight process entails:

  • Referral of the revised fiscal framework and macro-projections to the Standing and Select Committees on Finance.
  • Referral of departmental expenditure adjustments to the Committees on Appropriations.
  • Convening statutory public hearings to solicit stakeholder submissions on expenditure shifts and the fiscal framework ahead of committee reporting.

What this means for you, your business, or your clients

  • For yourself: Advisory and compliance professionals must review the updated macroeconomic growth forecasts and debt trajectory in the statement to anticipate fiscal policy tightening or upcoming statutory tax reforms.
  • For your business: Firms holding public sector contracts or tendering for state business must examine the revised vote adjustments in the Adjustments Appropriation Bill to identify budget cuts, deferred infrastructure outlays, or reallocated capital expenditure.
  • For your clients: Corporate clients must align their medium-term financial projections with the revised baseline allocations, evaluating counterparty risks on state-funded projects and monitoring parliamentary committee dates to submit representations on fiscal policy shifts.

Originally published at https://www.sanews.gov.za/south-africa/all-systems-go-medium-term-budget-policy-statement

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