A delicate fiscal balancing act on the political tightrope

SOUTH AFRICA - Report 23 Feb 2017 by Iraj Abedian

​The 2017 Budget Speech was delivered in a politically fraught environment, with rumours rife about a possible Cabinet reshuffle, and the potential removal of either the Minister of Finance, Mr Pravin Gordhan, or the Deputy Minister, Mr Mcebisi Jonas (who had made damning public disclosures about attempts to bribe him by the influential Gupta family, highly connected to President Jacob Zuma). The appointment of discredited former Eskom CEO, Mr Brian Molefe, as a member of Parliament (and thus a potential candidate for the post of Finance Minister) further fueled speculation, in the wake of “Nenegate” in December 2015. The then Minister of Finance, Mr Nhlanhla Nene, was suddenly replaced by for three days by Mr Des van Rooyen, a little-known parliamentary backbencher connected to the Guptas, In response to swift public outcry, market turmoil and a plummeting rand, President Zuma replaced Mr van Rooyen with Mr. Gordhan, who had previously occupied the post and is well respected for his competence and integrity, both domestically and abroad.

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