Cabinet pushes for inclusive economic growth

Friday, April 28, 2017

Pretoria – Cabinet has called on all sectors to partner with government to boost confidence and propel the economy towards sustained inclusive growth.

Addressing media during a post Cabinet briefing on Friday, Communications Minister Ayanda Dlodlo said government’s commitment to bolster the economy was reaffirmed during the successful engagement between Finance Minister Malusi Gigaba with investors and the global finance community during a visit to the United States of America for the International Monetary Fund and World Bank Spring Meetings.

Minister Gigaba’s visit also included further interactions with rating agencies.

The meeting follows the recent briefing by Minister Gigaba to domestic investors as well as the National Economic Development and Labour Council (Nedlac) Special Executive Committee chaired by Deputy President Ramaphosa.

The Nedlac meeting was recently held in Johannesburg to assess and respond to the current challenges facing South Africa following the recent decisions of two rating agencies to downgrade the country to sub-investment grade.

Building upon past experiences, particularly in dealing with the 2008 global economic crisis, the Nedlac meeting expressed confidence in the ability of the social partners -- government, business, labour and communities -- collectively to act together and constructively assist the country to mitigate the impact of the downgrade.

A high level Nedlac task team, to be briefed by National Treasury, was established and will meet regularly to co-ordinate South Africa’s all-round efforts to respond to the current challenges.

“The engagements underscored that government’s policy orientation towards prudent fiscal discipline and stringent fiscal consolidation as highlighted in the 2017 National Budget will remain unchanged,” Minister said. –

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