Govt committed to fiscal consolidation: President Zuma

Tuesday, April 4, 2017
By: 
Nosihle Shelembe

Pretoria – Government remains committed to a measured fiscal consolidation that stabilises the rise in public debt, says President Jacob Zuma.

Speaking on Tuesday in Pretoria during the launch of the Trans Africa Locomotive, President Zuma said he has directed Finance Minister Malusi Gigaba and Deputy Minister Sifiso Buthelezi to immediately prioritise unity, peace, cohesion and stability within the Finance portfolio.

“Minister Gigaba and his team will also be reaching out to the international investor community urgently to assure them that South Africa remains a stable, reliable and competitive investment destination. They will build on the good work that has been done thus far,” President Zuma said.

He assured South Africans that government will do everything possible to promote cohesion, unity and efficiency in government.

“It is also more important than ever now that we unite as a country and work together in light of the unrelenting socio-economic challenges that we face,” President Zuma said.

Government will continue to work with business and labour to take forward the work of the CEO Initiative that was established last year to reignite growth, while also strengthening the Presidential Business Working Group which interacts with all components of business. 

The CEO Initiative Fund stimulates entrepreneurship and supports the growth of small and medium enterprises (SMEs). With SMEs widely acknowledged to be key drivers of job creation and economic activity, the fund invests in high-potential entrepreneurs and SMEs, and will provide them with access to a cohort of experienced mentors. 

Changes to Cabinet

Explaining his decision to make changes to the national executive, President Zuma said the changes were expected to add renewed energy into Cabinet and the executive as a whole.

“We are proud of having added many young Ministers which is an investment into the future of government leadership.

“If we do not enable our young MPs to gain experience now, we may battle in future with leadership and governance experience within the national executive. With regards to the Finance portfolio, we reiterate that while the political leadership has changed, government’s overall policy orientation remains the same as derived from the governing party,” President Zuma said. – SAnews.gov.za