Integrity of financial institutions is pivotal, says ANC
by Mpho Raborife,
2016-03-21 13:31:39.0
THE African National Congress (ANC) says it wants SA to defend the integrity of its financial institutions.
The ruling party's secretary-general, Gwede Mantashe, told reporters in Irene, outside Pretoria, on Sunday that the party's national executive committee (NEC) had received a presentation from its economic transformation committee that focused mainly on measures to build confidence in SA's economy and stimulate growth.
"This was supported by a briefing from comrade Pravin Gordhan on the recent investor roadshow undertaken by the National Treasury," Mr Mantashe said.
He said the ANC was committed to a mixed economy of the public, private and social sectors that aimed to direct more spending towards economic growth, job creation and the protection of social services to the poor.
The integrity of the country's financial institutions was also pivotal, he said.
"The NEC agreed that the country must defend the integrity of our financial institutions and that the organisation must work to ensure continued macroeconomic stability," he said.
SA was experiencing challenges of weak economic growth, unemployment, high inflation and inequality, Mr Mantashe said.
Such challenges were made worse by the current drought and water shortages, he said.
Despite this, the government had taken decisive action to encourage ongoing investment in the economy.
"Some of the measures include addressing electricity supply issues, continued action to identify and reduce any regulatory processes that may impede or delay investments, and enabling increased investment by SA in the rest of the continent."
Mr Mantashe said the NEC had also agreed that fiscal sustainability was still a priority and that SA needed to stabilise and lower its ratio of debt to gross domestic product.
The ruling party also endorsed the government's commitment to cost-cutting measures announced by President Jacob Zuma and Mr Gordhan in the 2016 state of the nation address and the budget speech respectively.
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Gwede Mantashe. Picture: PUXLEY MAKGATHO
THE African National Congress (ANC) says it wants SA to defend the integrity of its financial institutions.
The ruling party's secretary-general, Gwede Mantashe, told reporters in Irene, outside Pretoria, on Sunday that the party's national executive committee (NEC) had received a presentation from its economic transformation committee that focused mainly on measures to build confidence in SA's economy and stimulate growth.
"This was supported by a briefing from comrade Pravin Gordhan on the recent investor roadshow undertaken by the National Treasury," Mr Mantashe said.
He said the ANC was committed to a mixed economy of the public, private and social sectors that aimed to direct more spending towards economic growth, job creation and the protection of social services to the poor.
The integrity of the country's financial institutions was also pivotal, he said.
"The NEC agreed that the country must defend the integrity of our financial institutions and that the organisation must work to ensure continued macroeconomic stability," he said.
SA was experiencing challenges of weak economic growth, unemployment, high inflation and inequality, Mr Mantashe said.
Such challenges were made worse by the current drought and water shortages, he said.
Despite this, the government had taken decisive action to encourage ongoing investment in the economy.
"Some of the measures include addressing electricity supply issues, continued action to identify and reduce any regulatory processes that may impede or delay investments, and enabling increased investment by SA in the rest of the continent."
Mr Mantashe said the NEC had also agreed that fiscal sustainability was still a priority and that SA needed to stabilise and lower its ratio of debt to gross domestic product.
The ruling party also endorsed the government's commitment to cost-cutting measures announced by President Jacob Zuma and Mr Gordhan in the 2016 state of the nation address and the budget speech respectively.
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