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New finance minister for S Africa | |
(10 minutes later) | |
New South African President Jacob Zuma has named Pravin Gordhan as his new finance minister. | |
He will take over from Trevor Manuel, who is to be appointed head of a new economic planning body. | |
Mr Zuma has pledged to tackle the tough economic crisis, widespread poverty and rising crime, but insisted he will not hand out favours to his supporters. | Mr Zuma has pledged to tackle the tough economic crisis, widespread poverty and rising crime, but insisted he will not hand out favours to his supporters. |
The choice of health minister is also keenly awaited, as the country tackles an acute HIV/Aids problem. | |
Mr Zuma was elected president by parliament after the African National Congress won the general election last month, albeit with a slightly reduced majority. | Mr Zuma was elected president by parliament after the African National Congress won the general election last month, albeit with a slightly reduced majority. |
'Feel the pinch' | 'Feel the pinch' |
At his inauguration on Saturday, Mr Zuma warned of hard economic times ahead. | At his inauguration on Saturday, Mr Zuma warned of hard economic times ahead. |
"Jobs are being lost in every economy across the world," he said. "We will not be spared the negative impact, and are beginning to feel the pinch." | "Jobs are being lost in every economy across the world," he said. "We will not be spared the negative impact, and are beginning to feel the pinch." |
Mr Zuma is under pressure from his grass-roots supporters to increasing state spending on job creation, delivering services such as water, housing and electricity and improving the education system. | Mr Zuma is under pressure from his grass-roots supporters to increasing state spending on job creation, delivering services such as water, housing and electricity and improving the education system. |
But investors would be alarmed if spending was increased too much. | But investors would be alarmed if spending was increased too much. |
They praised Mr Manuel's handling of the economy during his 13 years as finance minister, saying he had largely kept state expenditure within limits the country can afford. | |
Investors are also watching to what extent Mr Zuma will reward the left-wing allies that helped bring about his election victory. | Investors are also watching to what extent Mr Zuma will reward the left-wing allies that helped bring about his election victory. |
Health experts, meanwhile, want Mr Zuma to retain Barbara Hogan as health minister. | Health experts, meanwhile, want Mr Zuma to retain Barbara Hogan as health minister. |
She took over from Manto Tshabalala-Msimang - a highly controversial minister criticised for her handling of South Africa's HIV/Aids epidemic - in October 2008. | She took over from Manto Tshabalala-Msimang - a highly controversial minister criticised for her handling of South Africa's HIV/Aids epidemic - in October 2008. |
South Africa's respected Sunday Times newspaper reports that former President Kgalema Motlanthe is expected to be named deputy president. | South Africa's respected Sunday Times newspaper reports that former President Kgalema Motlanthe is expected to be named deputy president. |