Treasury to address reports relating to free education funding
President Zuma reportedly planned to reveal a free higher education plan last week but was stopped in his tracks by officials at Treasury, who have warned it would spur an economic crisis.
JOHANNESBURG - National Treasury says that it will release a statement later on Monday to address issues raised about new funding models reportedly being considered by President Jacob Zuma to provide free education.
Zuma’s plan to announce free higher education apparently generated panic among senior officials in Treasury, including threats by some to resign.
The City Press reported on Sunday that money could be taken from various sectors, including the National Institute of Humanities and Social Sciences to fund the free education plan.
President Zuma reportedly planned to reveal a free higher education plan last week but was stopped in his tracks by officials at Treasury who have warned that it would spur an economic crisis.
While a joint team from Treasury and the Office of the President are apparently tasked with looking for R40 billion in expenditure cuts to fund this plan, there are reports that head of the budget office, Michael Sachs, has resigned and more Treasury officials expected to follow.
However, the Finance Ministry has told Eyewitness News that this is not the case.
Treasury says that it will also respond later today.