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Gigaba, Mbalula to get welcoming parade

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Gigaba, Mbalula to get welcoming parade

Photo by Bloomberg
Finance Minister Malusi Gigaba

4th April 2017

By: News24Wire

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New Finance Minister Malusi Gigaba, new Police Minister Fikile Mbalula and his deputy Bongani Mkongi will have their official welcoming on Tuesday.

Acting national police commissioner Khomotso Phahlane will host a parade for them in Pretoria.

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Former Finance Minister Pravin Gordhan will hand over to Gigaba on Tuesday.

This follows ratings agency Standard & Poor’s decision to downgrade South Africa’s long-term foreign currency sovereign credit rating to speculative grade or “junk” status.

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President Jacob Zuma’s Cabinet reshuffle put fiscal and growth outcomes at risk, S&P said.

Gordhan told journalists on Friday that the Cabinet reshuffle would not undo work done by Treasury, business and labour to restore the confidence investors and ratings agencies had in the country’s economy.

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