Treasury names new DG

Wednesday, April 20, 2011

Pretoria - Lungisa Fuzile has been named National Treasury's new Director General, Minister Pravin Gordhan announced on Wednesday.

Fuzile's appointment comes after former Director General Lesetja Kganyago's appointment to the Deputy Governor post at the Reserve Bank at the end of last month. The post at the Reserve Bank had been vacant since Governor Gill Marcus took over from Tito Mboweni in November 2009.

Gordhan described Fuzile as having "broad experience", which will enhance operations at Treasury.

Fuzile's appointment will come into effect on 16 May. He currently holds the position of head of asset and liability management at the Treasury, which he joined in 1998.

Fuzile, who turns 45 in June, is part of Treasury's national as well as international road-shows. 

"He has the capability to represent South Africa as a destination for sound investment," said the minister.

The director general and deputy director general posts are appointed by Cabinet. Fuzile was one of 11 applicants, both from within Treasury and outside.

Fuzile, who is a Master of Commerce graduate, said of his appointment: "I'm inheriting a big and complex institution that has been acknowledged by the world for its good work."

He has worked as a school teacher and at Statistics South Africa.

The new director general has played a role in helping power parastatal Eskom raise funds for its build programme through government loans and guarantees. 

"Two loans have been raised with the World Bank. There is still about R2 billion to be raised but I'm confident that those who lent money to Eskom see that it is a viable entity," Fuzile explained. 

"Eskom is on the right footing," added Gordhan.

On the issue of the Gauteng Freeway Improvement Project (GFIP) Tolling System, which was suspended by Transport Minister Sibusiso Ndebele, Fuzile said: "The processes and mechanism have not been abandoned in light of concerns raised. Government is prepared to listen. Sanral has guarantees of over R31 billion, which has given investors confidence to say that Sanral remains a safe investment."

"We look forward to Mr Fuzile's contribution," said Gordhan, adding that the department continues to attract good people as part of its staff. He said this reinforced the importance of strong institutions characterised by professionals.

Asked if he had any advice for the new director general, Kganyago said: "No doubt he knows what to do." - BuaNews