Nene’s dismissal comes after a credit standing downgrade to only one notch above sub-funding grade by Fitch, and at a time when the nation’s financial system isbarely rising, squeezed by low commodity costs globally and the close to certainty of an rate of interest hike in the USA subsequent week.
President Zuma appointed Zuma has appointed ANC member of parliament, David Van Rooyen, to switch Nene.
Since 2014 when Nene was appointed to take cost of the Finance docket, he has emphasised the
necessity to cap authorities spending, reign in bailouts to state-owned companies, and restrict the dimensions of wage will increase to authorities staff.
Earlier than his appointment to take over from Nene, Van Rooyen served because the Whip of the Standing Committee on Finance and as Whip of the Financial Transformation Cluster.
He was additionally a former government mayor of Merafong Municipality and a former North West provincial chairperson of the South African Native Authorities Affiliation.
Zuma gave no particulars on why Nene, who has been serving as head of the treasury for slightly below two years, was dismissed.
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