SOUTH AFRICA: Newly elected President Jacob Zuma moves finance minister Trevor Manuel to a powerful new role

Record ID: 454393

  • Title: SOUTH AFRICA: Newly elected President Jacob Zuma moves finance minister Trevor Manuel to a powerful new role
  • Date: 11th May 2009
  • Summary: RPRETORIA, SOUTH AFRICA (MAY 10, 2009) (REUTERS) WIDE OF THE NEWS CONFERENCE WITH PRESIDENT JACOB ZUMA ADDRESSING THE MEDIA MEDIA SEATED (SOUNDBITE) (English) SOUTH AFRICAN PRESIDENT JACOB ZUMA SAYING: "Well, I can't predict the markets I am not certain that there are people who could easily predict the markets, I think that the market, they react on a number of issues happening in the world, not only cabinet appointments, depending how the market feels, and what is the mood, I would imagine that also I don't think that somebody can say because of those kinds of concern countries have finance ministers forever, I don't think so, and the markets are aware of that, that at some point changes come. I am sure, if you wanted to ask my prediction, I think the markets are going to react very positively, normally in other words, there is not going to be any mishap or whatever." JOURNALIST TAKING NOTES (SOUNDBITE) (English) SOUTH AFRICAN PRESIDENT JACOB ZUMA SAYING: "Comrade Trevor Manuel is being given a new structure, a very powerful structure that is going to work out a national plan of government, I am not certain how the structure is not powerful to any comrade you can think of. So it's not. The word 'powerful person', I think a glance to finance ministers of the world will tell you that they are generally stronger because they deal with the budget, there is nothing extraordinary with Comrade Trevor, you can go to any country, finance ministers by virtue of the task they undertake, they are powerful." JOURNALIST ASKING QUESTIONS (SOUNDBITE) ( English) SOUTH AFRICAN PRESIDENT JACOB ZUMA SAYING: "We need the machinery that is going to be effective, in addition to the machinery, we are going to need the warm bodies that are going to be effective. We cannot be perfect from the word go, but I think given the experience the ANC has been in power for 15 years now, we do have a measure of experience that we are going to utilise, probably the very adjustment are born out of that very experience, so I am sure we should look at this from that point of view. So we hope what we have identified as things that we need to do, are in fact going to agree with us as we put them on the ground." WIDE OF THE MEDIA CONFERENCE
  • Embargoed: 26th May 2009 13:00
  • Keywords:
  • Location: South Africa
  • Country: South Africa
  • Topics: Domestic Politics
  • Reuters ID: LVAA977RTP0XNSDS84WJX9LGMXJH
  • Story Text: Trevor Manuel was appointed to head a powerful new planning body on Sunday (May 10), keeping South Africa's former finance minister at the heart of policy-making.

    "Trevor Manuel is being given a new structure, a very powerful structure that is going to work out a national plan of government," said President Jacob Zuma at a media briefing in Pretoria.
    A day after taking office, Zuma named tax authority chief Pravin Gordhan to replace Manuel as finance minister in another sign of continuity as Africa's biggest economy heads towards its first recession in 17 years.
    Asked how markets would react to that decision, Zuma showed confidence in his new man in charge of the economic planning. "I think the markets are going to react very positively, normally in other words, there is not going to be any mishap or whatever."
    Manuel had been in his old job for 13 years, making him the world's longest-serving finance minister. Investors approved of the tight monetary and fiscal policies he kept in place.
    As well as coping with the fallout from the global financial crisis, Zuma also faces pressure to deliver on 15 years of promises by his ruling African National Congress (ANC) to tackle widespread poverty, crime and AIDS, and create jobs.
    Zuma named his predecessor, Kgalema Motlanthe, as his deputy. Motlanthe had served in a caretaker role since Zuma's rival, former President Thabo Mbeki, was forced from office last September by the ANC.
    Zuma's toughest task may be balancing the interests of unions and communists who helped him rise to the top against those of investors who fear he will steer the economy to the left.

    "We need the machinery that is going to be effective, in addition to the machinery, we are going to need the warm bodies that are going to be effective. We cannot be perfect from the word go, but I think given the experience the ANC has been in power for 15 years now, we do have a measure of experience that we are going to utilise," added Zuma.
    Zuma named Susan Shabangu as Minister of Mining in the major producer of precious metals and Dipuo Peters as Minister of Energy, splitting the portfolio. Shabangu has only held deputy ministerial appointments before.
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