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No economic policy changes following cabinet reshuffle: Zuma

Xinhua, April 29, 2017 Adjust font size:

South African President Jacob Zuma has assured business leaders that there would be no economic policy changes following the recent cabinet reshuffle, the Presidency said on Saturday.

Zuma made the assurance at a meeting with business leaders in Pretoria on Friday, according to the Presidency.

"The President indicated that the governing party, the ANC, discusses and finalizes policies at its national conference every five years, and that all policies thus remain the same, with the difference being possible in the style and emphasis of each minister with regards to the implementation of the existing policies and programs," presidential spokesperson Bongani Ngqulunga said.

Zuma reshuffled the cabinet on March 31, sacking or replacing 10 ministers and 10 deputy ministers, a move that rattled the financial market and gave rise to concerns about possible economic policy changes.

Zuma had asked to see the CEOs ahead of the World Economic Forum on Africa that will take place in Durban on May 3-5 to discuss the country's approach to the meeting which offers key investment marketing opportunities for the country, according to Ngqulunga.

The CEOs used the opportunity to table issues that are of concern to them, some of which are in the public domain and related to recent developments in the country and others aimed at improving the way government manages economic entities under its control, which they are keen for the president and government to look into, said Ngqulunga.

Some of the issues that are generally of concern to business leaders include the nuclear program.

The president reiterated that the program would be implemented at a scale and pace that the country could afford, Ngqulunga said.

This was the government's first response to a ruling by the Western Cape High Court on April 26, which declares the nuclear program "unconstitutional and unlawful".

The court ordered the government to set aside the deal which would see the procurement of 9.6 gigawatts of nuclear energy.

The deal is expected to cost one trillion rand (about 77.5 billion US dollars).

Zuma also addressed business concerns over the controversial Minerals and Petroleum Resources Development Amendment (MPRDA) Bill, according to Ngqulunga.

The Bill has met with strong opposition from the business circle for the possibility of worsening uncertainty in the mining sector.

The Bill puts massive power in the Mineral Resources Minister's hands in relation to mining deals, allowing the minister to hand out mining rights to friends, cronies or the highest bidder, opponents insist.

Last year, Zuma referred the Bill back to Parliament to attend to the concerns.

The Bill is now being processed by the National Council of Provinces (NCOP).

"The Bill has not yet been returned to the president by Parliament. He looks forward to its successful processing by the NCOP, as its finalization will contribute towards the ease of doing business in this country," Ngqulunga said.

"Business and government are important pillars in our country that must hold the country together and the two sectors need to be able to work together for the good of the country," Ngqulunga quoted Zuma as telling the business leaders. Endit