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Gordhan urged to restore investor confidence

Businesses call on Pravin Gordhan to use his mini-budget to restore investor confidence.

Businesses called on Finance Minister Pravin Gordhan to use his mini-budget to restore investor confidence.

CAPE TOWN - Businesses on Tuesday called on the Finance Minister to use his mini-budget to restore investor confidence and cut wasteful government spending.

Pravin Gordhan will table his medium-term budget policy statement in Parliament on Wednesday, amid serious concerns about the economy.

It comes in the wake of wildcat strikes in the mining sector and downgrades by rating agencies.

The South African Chamber of Commerce and Industry (Sacci) said despite official statements confirming the country's economic stability, investors want cold hard facts.

Sacci chief executive Neren Rau said: "Government will be very critically looked upon, particularly by our credit rating agencies, to determine the direction they plan to take that will inspire greater investor confidence in our economy."

The Democratic Alliance's (DA) Tim Harris said the minister has a chance to steady the ship.

"Most importantly, we want him to send a strong signal that debt will not be allowed to rise to unsustainable levels.""

He said steps should be introduced to reign in irregular and wasteful spending.

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