Johannesburg - The contract of the National Treasury's director general Lungisa Fuzile has been extended, a decision that is likely to soothe market fears over the management of the country’s finances.
Minister in the Presidency Jeff Radebe announced the extension of Fuzile’s contract at a post-Cabinet media briefing on Friday.
Bloomberg reported on Thursday that Finance Minister Pravin Gordhan recommendation that Fuzile’s five-year term be extended beyond its May 15 end.
Fuzile, a former teacher, took control of the Treasury from Lesetja Kganyago in May 2011 as the economy struggled to recover from the global financial crisis.
He has overseen the implementation of a spending ceiling and had to steer the nation’s finances during a period in which the rand lost more than 50% of its value against the dollar and South Africa’s credit rating was downgraded to the brink of junk status.
Minister in the Presidency Jeff Radebe announced the extension of Fuzile’s contract at a post-Cabinet media briefing on Friday.
Bloomberg reported on Thursday that Finance Minister Pravin Gordhan recommendation that Fuzile’s five-year term be extended beyond its May 15 end.
Fuzile, a former teacher, took control of the Treasury from Lesetja Kganyago in May 2011 as the economy struggled to recover from the global financial crisis.
He has overseen the implementation of a spending ceiling and had to steer the nation’s finances during a period in which the rand lost more than 50% of its value against the dollar and South Africa’s credit rating was downgraded to the brink of junk status.