Treasury confirms Michael Sachs’s resignation

But Sachs will not be leaving Treasury immediately to ensure a proper handover to another senior official.

FILE: Michael Sachs. Picture: YouTube screengrab.

JOHANNESBURG - National Treasury has now confirmed that its head of budget Michael Sachs has resigned from his position.

But Sachs will not be leaving Treasury immediately to ensure a proper handover to another senior official.

Several reports on Monday morning indicated that Sachs resigned last week over interference by President Jacob Zuma at the Treasury.

The Democratic Alliance's shadow minister of finance David Maynier says this is concerning.

“I think it is a huge blow to National Treasury. At the end of the day it means decisions about budget priorities and indeed the budget itself have been centralised around the Presidency under President Jacob Zuma.”

Business Leadership South Africa (BLSA) has responded to Sachs’s resignation, saying it is of “enormous concern.”.

BLSA statement read: “Michael Sachs is another in a line of admirable and competent professionals leaving what is arguably our most important ministry tasked with the economic well-being of the country.”

Its CEO Bonang Mohale added that: “This latest development raises further concerns over the politicisation of the Treasury and budget process and sends the wrong signal to the people of South Africa.”