2024 budget speech | President Ramaphosa praises pillars of budget

JOHANNESBURG - President Cyril Ramaphosa has praised Finance Minister Enoch Godongwana's budget statement.

He says it is based on three strategic principles.

The budget pillars are reducing debt, growing the economy and protecting services.

WATCH: Budget 2024 | In conversation with Finance Ministry

The President says the country spends more on interest repayments than on education or health.

He says reducing debt will allow government to spend more on teachers, police officers and nurses.

Treasury will be tapping into its gold and forex reserves to reduce borrowing and debt-service costs.

Ramaphosa also says the budget caters for the rebuilding of infrastructure and job creation.