ANC urges SA to defend integrity of financial institutions

Mar 20 2016 21:16
Mpho Raborife, News24

Pretoria - The ANC says it wants the country to defend the integrity of its financial institutions.

The ruling party's secretary general Gwede Mantashe told reporters in Irene, outside Pretoria that the ruling party's national executive committee had received a presentation from its economic transformation committee which had focused mainly on measures how to build confidence in SA's economy and stimulating growth.

"This was supported by a briefing from comrade Pravin Gordhan on the recent investor roadshow undertaken by the National Treasury," Mantashe said.

READ: How world sees SA: Why London investors liked Gordhan – and distrust Zuma

He said the ANC was committed to a mixed economy of public, private and social sector which aimed at seeing more spending being directed 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 macro-economic stability," he said.

READ: Kganyago: Sarb will defend its independence

South Africa was experiencing challenges of weak economic growth, unemployment, high inflation and inequality, Mantashe said.

Such challenges were exacerbated by the current drought and water shortages, he added.

Despite this, 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 South Africa in the rest of the continent."

Mantashe said the NEC had also agreed that fiscal sustainability was still a priority and that South Africa needed to stabilise and lower its debt to Gross Domestic Product ratio.

The ruling party also endorsed government's commitment to cost-cutting measures announced by President Jacob Zuma and Gordhan in the 2016 State of the Nation Address and the Budget Speech respectively.

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