South Africa: President Ramaphosa assures Presidential Economic Advisory Council (PEAC) on commitment to reforms

President Cyril Ramaphosa chaired a gathering of the Presidential Financial Advisory Council (PEAC) on Thursday 20 July 2023.   

PEAC members counseled President Ramaphosa and different African leaders for the steps which have been taken to advocate and work for an finish to the destabilising Ukraine-Russia battle, sustaining {that a} return to peace could be within the financial pursuits of Africa and different elements of the world.

PEAC members additional supported President Ramaphosa’s efforts in sending envoys to the USA and different G7 economies to make clear South Africa’s position in working for peace. The assembly recognised that as South Africa seeks to deepen financial ties with BRICS nations, the nation should on the similar time proceed to strengthen bonds with historic commerce and funding companions.

The PEAC members welcomed the progress that has been made in implementing the reforms and inspired the President to proceed driving the reform agenda throughout the electrical energy, water, rail, ports, telecoms and expertise sectors to revive financial progress and create the tens of millions of jobs which might be wanted.

It was reiterated that these financial reforms have to be undertaken concurrently the federal government works in the direction of repairing the nation’s weak fiscal place.

The assembly famous authorities’s ongoing efforts to push again towards state-capture, corruption and violence which might be damaging society and the nation’s financial prospects

The assembly additional highlighted the significance of a complete and nicely balanced method within the execution of the Vitality Motion Plan that may promote vital ranges of latest funding for the basic modernisation and restructuring of the nation’s electrical energy sector.

President Ramaphosa thanked the members of PEAC for his or her well-considered and crafted inputs and recommendation to authorities, offering assurance that authorities stays on observe within the implementation of reforms in a purposeful method, regardless of the enormity of the duty which means vital outcomes will take time to materialise.  

The PEAC members will proceed to offer financial recommendation to the President in an ongoing method.  

The aim of the PEAC is to offer recommendation to the President on financial coverage issues, to permit for detailed dialogue on present financial developments, and to permit for the consideration of latest financial proposals.

PEAC members, who had been appointed on a purely voluntary foundation from October 2019 for a three-year time period, which has subsequently been prolonged till the primary half of 2024, comprise a staff of 19 native and worldwide financial consultants drawn from academia, coverage and enterprise circles.  The President invitations members of his cupboard concerned in financial coverage issues to affix the PEAC conferences.

A serious focus of the PEAC work over the previous few years has been to advise the President on reforms wanted for inclusive, sustainable progress, and PEAC recommendation additionally performed a big position in shaping the South African authorities’s financial response to the Covid pandemic.

Distributed by APO Group on behalf of The Presidency: Republic of South Africa.