Nene optimistic about new role

New Finance Minister, Nhlanhla Nene, says he will bring continuity to his new portfolio.

Newly appointed Finance Minister Nhlanhla Nene alongside former Finance Minister Pravin Gordhan. Picture: GCIS.

JOHANNESBURG - Newly appointed Finance Minister Nhlanhla Nene says he will seek to bring continuity to his new portfolio and his economic policy decisions will be guided by the National Development Plan.

Nene succeeds Pravin Gordhan who has been moved to the Department of Cooperative Governance and Traditional Affairs.

They, along with 33 other ministers and 37 deputy ministers were sworn in at the presidential guest house in Pretoria on Monday.

The event was presided over by Chief Justice Mogoeng Mogoeng and President Jacob Zuma.

Zuma announced his new Cabinet in Pretoria on Sunday evening, a day after his inauguration at the Union Buildings.

Nene says he believes serving as deputy finance minister in the previous administration has ensured stability in the work of the treasury.

"The reason why there is positivity is because it signals continuity."

He says although Zuma promised radical economic transformation, his department will be guided by existing budget programmes.

"We already have our fiscal framework that has gone to Cabinet in Parliament for the coming year but the biggest thing is if we grow the economy,we should also be able to grow expenditure as long as we invest in the productive capacity of the country."

At the same time, Gordhan says now that he's in the co-operative governance ministry he will work closely with the treasury to manage the use of public funds by local government officials.

"We will be working with the treasury to improve surveillance and monitoring and also take some tough actions."

Both ministers say they will only be able to outline the direction of their terms in office over the next two months after consulting with their new colleagues.