Finance Minister says SA is still fixing the fiscal damage done under Zuma's administration

Finance Minister Enoch Godongwana said that the country is not facing a fiscal crisis and has blamed former president Jacob Zuma for the constrained fiscal environment in which government is operating.

On Tuesday National Treasury announced that the country has been removed from the European union’s list of high-risk third country jurisdictions, following a decision by the Financial Action Task Force last year to remove South Africa from its notorious Greylist.

Responding to debate on the Adjustments Appropriation Bill Godongwana said South Africa had landed on these lists because of the damage caused by state capture.

Godongwana said that Treasury is making strides in reducing the country’s debt and associated borrowing costs to ensure it does not become a burden for generations to come.

"We are not in a fiscal crisis as somebody has said here. Fiscal consolidation is beginning to bear fruit. The battle to tighten its anti-money laundering and terror financing legislation that caused South Africa to be Grey-listed."

Gondongwana said that this isa consequence of the Zuma’s administration.

"When damage is done, it’s got a time lag to repair that damage. It’s taken us the whole of the time and costing us votes due to the damage made under the Zuma years."

South Africa will officially be de-listed from the EU's high-risk list along with Burkina Faso, Mali, Mozambique, Nigeria and Tanzania, at the end of this month.