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State Capture Inquiry to resume on Wednesday

National Treasury Economist, Catherine MacLeod
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A member of the legal team of the Commission of Inquiry into State Capture, senior counsel Advocate Vincent Maleka, is scheduled to put Eskom-related documents on record when the public hearings continue in Parktown, Johannesburg, on Wednesday morning.

On Tuesday National Treasury Economist, Catherine MacLeod said that government’s debt increased by R26 billion following the axing of Former Finance Minister Nhlanhla Nene in 2015.

MacLeod says investors were worried about the sustainable management of governance finance when former President Jacob Zuma abruptly fired Nene and replaced him with little-known Des van Rooyen.

MacLeod was corroborating evidence of present and former National Treasury officials who have appeared before the commission.

MacLeod said the move which saw former President Zuma changing three Finance minister within a four-day period in December 2015 weakened the Rand by 10% to the dollar and raised government’s debt serving costs by R3 billion.

MacLeod said South African citizens and taxpayers paid the ultimate price for the economic and political uncertainty caused by the Nene saga.

She said the reduction in investments and higher borrowing cost had an adverse impact on the economy and its ability to grow.

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