President Jacob Zuma on Friday spoke out on the recalling of Nhlanhla Nene as finance minister, saying his name had been put forward to head the African Regional Centre of the New Development Bank/BRICS Bank.
In a statement, Zuma said the urgency of the change in leadership of the National Treasury was “occasioned by the need to send nominations to Shanghai, of the head of the African Regional Centre of the New Development Bank/BRICS Bank, to be based in Johannesburg”.
Zuma said Nene had been earmarked as a candidate for the position.
“We are fully backing his candidature, knowing full well that he will excel and make the nation proud in his next assignment. Government remains committed to adhering to the set expenditure ceiling while maintaining a stable trajectory of our debt portfolio, as set out in the February 2015 Budget.
“Our commitment to diversifying our economy, reduce the cost of doing business and utilising resources much more efficiently to enable a more inclusive economic growth remains important.
“We will continue to improve the budget process in order to maintain our international reputation as a global leader in budget transparency.”
Zuma added that the economic cluster would meet on Tuesday, to prepare for a special Cabinet meeting on the economy, which will take place on Friday December 18.
He also thanked Nene for his tenure as finance minister.
“I would like to thank the former Minister of Finance, Mr Nhlanhla Nene for his sterling contribution to the National Executive and to taking forward the goals of building a better life for all our people.”