“Due to this subdued economic performance, on the 13 January we decided to review and revise the fiscal framework that was published in October last year,” he said.
“We have agreed to adjust expenditure down and we have discussed and agreed the specific measures by means of which this will be achieved.
Markets and bonds crashed along with the rand in December when Zuma replaced his respected finance minister Nhlanhla Nene with unknown politician Des van Rooyen, who he then dumped for Gordhan due to internal party pressure.
Gordhan has led efforts since then to stabilise the economy and convince rating agencies that South Africa’s fiscal policy is solid to avoid an investment downgrade to junk status, which would have a devastating impact on the economy.
President Jacob Zuma. (Gianluigi Guercia, AFP) Cape Town – Cabinet revised South Africa’s fiscal framework in January after the economic crisis in December, President Jacob Zuma said during a meeting with black professionals in Pretoria on Friday. “Due to this subdued economic performance, on the 13 January we decided […]