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losangelesnewstoday.com May 23, 2018


International Monetary Fund chief meets South Africa's Ramaphosa in Davos to discuss economy

24 January 2018, 12:31 | Nina Hammond

Mattis warns of'growing threats from Russia China

Mattis warns of'growing threats from Russia China

Zuma has been under growing pressure to resign since he was replaced as head of the African National Congress in December by his deputy Cyril Ramaphosa.

Zuma could be removed through a motion of no confidence in parliament or by the ANC's National Executive Committee.

Gigaba has been speaking on the sidelines of the World Economic Forum in Davos on Tuesday.

Bloomberg market analyst Robert Brand also remained positive on the currency, stating that it was possible for Ramaphosa to continue the rally by continuing to clamp down on corrupt state-owned enterprises such as Eskom, and possibly even move away from some of the ANC's more populist ideas (such as land reform) so as to encourage continued foreign investment.

Ramaphosa will be supported by the minister in the presidency for planning, monitoring and evaluation Jeff Radebe; minister of economic development Ebrahim Patel; minister of trade and industry Rob Davies; minister of public works Nkosinathi Nhleko and minister of worldwide relations and cooperation Maite Nkoana-Mashabane.

Zuma's departure would make it easier for Ramaphosa to revitalise the economy and tackle corruption.

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"There will be interaction between President Ramaphosa and President Zuma", said Magashule yesterday.

"Zuma is in a corner and neutralised", said Professor Susan Booysen at Wits University's School of Governance.

At 1513 GMT, the rand traded at 12.1100 per dollar, 0.49 percent firmer than its NY close on Friday.

At a meeting of the NEC on Friday, Ramaphosa cemented his control of the party, with his allies winning most of the seats on the 26-member National Working Committee that oversees the running of the ANC on a day-to-day basis.

Zuma has ruled since 2009 and is due to step down after elections next year but senior ANC leaders say Ramaphosa wants him out before that and Ramaphosa himself has said the question of the president's tenure would be addressed.



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