‘South Africans must bear the pain of our attempts to stabilise debt’

Deputy President Cyril Ramaphosa flanked by Finance Minister Malusi Gigaba at the breakfast planning session ahead of South Africa’s participation in the World Economic Forum. Picture: GCIS

It’s going to be a difficult budget.

Malusi Gigaba, Minister of Finance

I will happily cooperate! I will happily testify… because we need to rid our country of corruption… I will provide any information I have at my disposal…

Malusi Gigaba, Minister of Finance

Finance Minister Malusi Gigaba has warned South Africans of “tough decisions” he is making in order to tackle the country’s worrying debt levels and reduce its budget deficit.

South Africans will have to bear some pain [as a result] of some of the decisions we are going to have to announce in order to stabilise our debt…

Malusi Gigaba, Minister of Finance

Gigaba is at the 2018 World Economic Forum in Davos, Switzerland.

He promised that the upcoming budget will contain measures to boost confidence and grow the stagnant economy.

Gigaba also said that Cyril Ramaphosa’s election as ANC president will have allayed some concerns ratings agencies had over political and policy certainty in South Africa.

The Money Show’s Bruce Whitfield interviewed Gigaba.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

It’s my first visit to Davos… it couldn’t have come at a better time.

Malusi Gigaba, Minister of Finance

There’ a very positive mood upswing… the news about fighting grand-scale corruption and sorting out our state-owned companies… have been very well received by investors…

Malusi Gigaba, Minister of Finance

We have been awed by the confidence and positive sentiment.

Malusi Gigaba, Minister of Finance

Investors have raised that question [when Zuma will go]… the transition is being managed by the ANC top six…

Malusi Gigaba, Minister of Finance

They have not put it [Zuma’s removal as President of SA] as a precondition to investing in South Africa.

Malusi Gigaba, Minister of Finance

If we resolve the issues of corruption… we will have very strong growth by the end of the year…

Malusi Gigaba, Minister of Finance

We are going to have a very good narrative in the budget that is going to build confidence…

Malusi Gigaba, Minister of Finance

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This article first appeared on 702 : ‘South Africans must bear the pain of our attempts to stabilise debt’


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