Pravin Gordhan appointed Minister of Finance

Pretoria: President Jacob Zuma has announced the appointment of Pravin Gordhan as the new Minister of Finance, replacing David van Rooyen.

Minister Gordhan is the current Minister of Cooperative Governance and Traditional Affairs (COGTA).

This follows the appointment of Minister van Rooyen to the finance portfolio earlier this week.

"On the 9th of December 2015, I announced the appointment of a new Minister of Finance, Mr David van Rooyen. I have received many representations to reconsider my decision. As a democratic government, we emphasise the importance of listening to the people and to respond to their views.

"In this regard, I have, after serious consideration and reflection, taken the following decision; I have appointed Mr Pravin Gordhan, the current Minister of Cooperative Governance and Traditional Affairs as the new Minister of Finance.

"Minister Gordhan will return to a portfolio that he had held proficiently during the fourth administration," said President Zuma late on Sunday.

He said Minister Gordhan will lead in ensuring an even stronger alignment between the Budget and the Medium Term Strategic Framework (MTSF) in the interest of stimulating more inclusive growth and accelerated job creation while continuing the work of ensuring that the country's debt is stabilised over the medium term.

The new Finance Minister will further lead in promoting and strengthening the fiscal discipline and prudence that has characterised government's management of public finances since the dawn of freedom; work with the financial sector so that its stability is preserved under the broad umbrella of the Twin Peaks reform; ensure that the National Treasury is more acceptable to all sections of society and adhere to the set expenditure ceiling while maintaining a stable trajectory of the country's debt portfolio, as set out in the February 2015 Budget.

"I have also decided to appoint the current Minister of Finance, Mr David van Rooyen, as the new Minister of Cooperative Governance and Traditional Affairs.

"Mr Van Rooyen, a former Executive Mayor, will also be bringing to COGTA the finance and economic sector background gained in serving in the Finance Portfolio Committee and Economic Transformation Cluster as whip in National Assembly," said the President.

He added that Minister van Rooyen has been mandated to take forward the Back to Basics programme and further improve cooperation between the three spheres of government.

The President wished the Ministers all the best in their new deployments.