SA’s new finance chief sees no changes to framework

Enoch Godongwana, who was appointed as South African finance minister last week, said he doesn’t anticipate any major changes to the country’s fiscal framework.

Godongwana, in a conference call with investors, said the main threats to the country’s economic health are the government worker wage bill, the finances of state companies and the costs of servicing national debt.

The government will need to plan for when a windfall from higher commodity prices ends, Godongwana said.

The new minister will speak with ratings companies later on Friday as a first introduction, Tshepiso Moahloli, head of assets and liability management at the Treasury, said on the same call. The new special drawing rights from the International Monetary Fund will be used for currency commitments, she said.