Gordhan plans to stabilise SA debt
South Africa's new Finance Minister, Pravin Gordhan says he might have to make selective changes to tax policies in a bid to stabilise the country's debt.
Gordhan, who has over two decades experience within the economic fraternity has been briefing the media after President Jacob Zuma announced his reinstatement last night.
Gordhan takes over from David van Rooyen, who was appointed five days ago after Nhlanhla Nene was sacked.
The removal of Nene saw the rand take a nose dive against major currencies.
However, markets appear to have stabilised somewhat after Gordhan returned to the post.
He is urging South Africans to support him.
"Our focus in the coming months will be to do, amongst other things, the following diligently. Firstly, we'll stay the course of sound fiscal management. Expenditure ceiling is sacrosanct. We can have extra expenditure only if we raise extra revenue.
"We'll unreservedly continue our fiscal consolidation process and we'll stabilise our debt in the medium term," he said.
(File photo: Gallo Images)