Finance Minister Tito Mboweni is pushing ahead with the economic strategy document he unveiled in August, despite its opposition by sections of society including the African National Congress (ANC)’s alliance partners.
Speaking at a South African Reserve Bank colloquium on Thursday morning, Mboweni explained that the finalised version of the paper, titled Towards an Economic Strategy for South Africa, would be presented to Parliament as part of his medium-term budget policy statement later in October.
Mboweni said Treasury should have anticipated the “massive response” to the proposals, which include selling off Eskom’s coal-powered plants to raise R450 billion.
He added that he was happy the document roused public debate on economic strategy.
“We then received well over 700 comments on the document, which the staff at Treasury have gone through. My guidance to them was that ideas which are internally consistent with what were trying to do, we should incorporate, but those that are internally inconsistent, we should just appreciate the continuation.”
The document by Treasury aims to boost economic growth by between 2% to 3% and create one million additional jobs through the implementation of various economic and labour reforms.
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