FinMin Godongwana Focused on Concrete Action on Growth, Not Endless Debate

LOCAL NEWS

• New FinMin Godongwana says SA needs concrete action on economic growth, not endless certainty-sapping debate in a recent interview.
  • Says he's not interested in overhauling the finely balanced fiscal plan, and is looking to leverage the current commodity upswing to create growth-inducing policies and cannot repeat the mistakes of the 2011 commodity boom that was derailed by mine nationalisation talks
  • Notes wage income must top welfare payments – which will be cheered by markets but rile those calling for more radical social support.
  • Also says that his plans to shelve the basic income grant debate and wean ailing SOEs off state funding has already come under political resistance, but his ability to balance these factors will become more evident by the medium term budget
• Treasury confirms Lindiwe Zulu's social security reform proposal for a mandatory 8-12% pension contribution run by the state is not a govt policy as heated debate rages over the green paper released earlier in the week regarding SA's social safety net