‘Treasury in chaos, rating agencies circling’: DA’s Maynier on Zuma’s budget putsch
The determined attempt by President Jacob Zuma to remove Treasury from the budget process had resulted in chaos, Democratic Alliance finance spokesman David Maynier said on Tuesday. Maynier’s comments were made during the debate on the Division of Revenue Amendment Bill in the National Assembly. A sign of this chaos was the shock resignation of the head of the Treasury’s budget office, Michael Sachs — who, Maynier said, was one of the most experienced and one of the most capable senior officials in Treasury. "The fact is that his resignation is a huge blow to National Treasury and confirms our fears that decision-making about budget priorities, and the budget itself, has now been centralised under President Jacob Zuma," Maynier said. Despite the fact that the Constitution required that "budgetary processes" to promote transparency, accountability and sound financial management, there was now a situation in which: • a "presidential fiscal committee" made decisions about the budget, w...
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