WATCH: Gigaba unveils plan of action for the economy


Finance Minister Malusi Gigaba unveiled his plans for the economy.


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JOHANNESBURG - Finance Minister Malusi Gigaba outlined government’s inclusive economic plan of action.


Gigaba said government plans to reduce the guarantees to state-owned companies, especially for extended operational purposes.

The state has bailed out some SOE's -- notably SAA -- and provided guarantees for major loans to others.


The minister said his department is relooking at the manner in which existing resources are being used.

He also said he supports a commission of enquiry into parastatals.

Gigaba said the Public Protector's recommendations will help to uncover the problems at these entities.


Last month, Gigaba said it seemed highly unlikely South Africa would meet Treasury’s own growth forecast of 1.3 percent for 2017.

READ: Government must commit to addressing inequality: Gigaba

The country is dealing with credit rating downgrades and high unemployment.