Finance Minister Malusi Gigaba told CNN on Tuesday evening that he fully supported the ANC’s demand that President Jacob Zuma needs to step down, adding that the budget would be presented as planned.

Gigaba was speaking to Bianna Golodryga of CNN’s Quest Means Business at 23:00 on Tuesday, after ANC secretary general Ace Magashule confirmed the party had decided to recall Zuma.

Gigaba argued that SA’s political uncertainty had not affected the economy.

He told Golodryga there is no chaos in government and that all departments were running smoothly.

“We are quite positive about the state of the economy and are looking forward to presenting the Budget next week Wednesday.”

The budget speech is set to highlight the initiatives taken to stabilise debt and keep the budget deficit within a “reasonable limit”, the finance minister said.

“I am still confident that we have done everything that we promised in order to stave off another rating downgrade.”

Rating agency Moody’s in November placed SA’s sovereign debt on review for downgrade to non-investment status.

“The review period may not conclude until the size and the composition of the 2018 budget are known next February,” it said at the time. Moody’s is the only one of the three major rating agencies to still have SA’s sovereign debt at above junk status.



Please enter your comment!
Please enter your name here