SA’s labour-union federation rejects Treasury growth plan

South Africa’s main labour-union federation rejected a plan by the nation’s Treasury to revive economic growth.

Finance minister Tito Mboweni this week proposed a range of measures to pull the economy out of its longest downward cycle since the Second World War. Mboweni’s plan envisions the state relinquishing its near monopoly of electricity, port and rail services, relaxing rules to make it easier to do business and privatising assets to stabilise its finances.

Read: SA sees selling coal plants and visa reform boosting GDP

Eskom could sell some coal-powered plants to raise R450bn

“This Draft Recovery Strategy makes the government appear incoherent, confused and unreliable,” the union said in a statement handed to reporters in Johannesburg. “We reject this particular paper and demand that National Treasury withdraws this document immediately.”

Read: Less ambition is a good thing in South Africa’s economic plan

© 2019 Bloomberg L.P.