‘Treasury to respect, maintain framework established by Gordhan’

Finance Minister Malusi Gigaba says concerns around reckless spending and budgets outside the fiscal should be laid to rest.

FILE: Newly appointed Finance Minister Malusi Gigaba adddresses by the media in Pretoria on 31 March 2017. Picture: Reinart Toerien/EWN.

JOHANNESBURG - Finance Minister Malusi Gigaba says concerns around reckless spending and budgets outside the fiscal should be laid to rest.

Gigaba says under his leadership the department will respect and maintain the framework agreed to and established by former minister Pravin Gordhan.

Gigaba was speaking at the swearing in of new ministers at the presidential guesthouse in Pretoria.

In an effort to ensure a smooth takeover, Gigaba says he’s had a meeting with Gordhan and former deputy minister Mcebisi Jonas on Friday.

He says he’s also had discussions with rating agencies to reassure them of the country’s stability.

WATCH: Gigaba: My priority is to stabilise the economy

“On Friday afternoon, I had a telephonic conference with Fitch and Moody’s. I will be discussing with SMPs next week. We will continue to hold discussions with them and certainly there are plans to engage with domestic and international stakeholders.”

Gigaba says the ultimate priority for South Africa isn’t’ who occupies the finance minister seat but economic growth.

While rating agencies left South Africa at the same ratings as last year, it wasn’t without a warning that there’s a need for economic and political stability.

(Edited by Zamangwane Shange)