‘Everything being done to stabilise SA economy’

Pravin Gordhan & Jeff Radebe briefed media on the outcome of a Cabinet meeting.

Finance Minister Pravin Gordhan. Finance Minister Pravin Gordhan

JOHANNESBURG - While Minister in the Presidency Jeff Radebe says Cabinet acknowledges the difficult economic climate South Africa finds itself in, Finance Minister Pravin Gordhan says everything is being done to stabilise the situation.

"We are serious in our intent to bring all South Africans together to recognise the global picture, recognise the emerging market picture, recognise where commodity producers find themselves and recognise also some of the difficulties we have," he said.

The pair briefed the media in Pretoria this morning on the outcome of the special Cabinet meeting held yesterday to discuss the state of the economy and budget-related matters.

Radebe says government will intervene strategically to restore economic growth.

"Government will reach out to all its social partners, particularly business and organised labour, to build this consensus on our collective actions required to stabilise the economy, build confidence, raise the level of investment and return our economy to a path of inclusive economic growth."

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Gordhan says government is determined to understand what exactly is affecting the economy.

"As government, we are not sitting back. We are working quite hard behind the scenes to ensure that we begin to take South Africa in a different direction, to create more optimism in our country and in our economy. If the numbers need to change then it will change as we go forward."

He says government is determined to turn around South Africa's economic outlook.

"So that we can get back to creating an environment for inclusive job creation and South Africans can begin to be more entrepreneurial to create more jobs, particularly for young people."

Gordhan also stressed that the world finds itself in a difficult economic climate.

He says the country is growing as an economy, but not fast enough.