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SA’s Finance Minister reassures investors in New York

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Finance Minister Malusi Gigaba says United States investors are concerned with the country’s fiscal consolidation, stabilizing the debt and political uncertainty that is hurting the country’s economic growth prospects.

He was speaking on the side-lines of the SA Tomorrow Investor’s Conference in New York where he is leading a high-powered government and business delegation.

He confirmed that investors were concerned about the political climate in the country and whether the ANC’s elective conference would go ahead as scheduled in December.

“We have assured them that the conference is going to take place, it is a conference of branches and the audit of branches has been concluded, we therefore are confident that the conference is going to go ahead and they need to take (a) leaf from the signals that have been sent in terms of policy by the national policy conference in July and so to extent that we can. We are very confident that the conference will take place, a new leadership will be elected and the policy signals have been sent by the policy conference.”

Gigaba has deferred to the Presidency as he refused to weigh in on reports that President Jacob Zuma could announce free higher education for all in the country.

He is leading a high-powered government delegation on a multi country investor roadshow that begins in New York and includes stops in Tokyo, Hong Kong, Beijing and Singapore.

He says Treasury will comment once the President has announced his decision.

“We have been consulted on the proposals which the presidency is going to make and I think it would be appropriate for us not to make any announcement on behalf of the president, we need to sit and wait until the president has made the announcement and then we can issue a comment thereafter but for now we are awaiting the Presidency. We don’t know when the announcement will be made.”

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