Details: Ramaphosa announces that lifestyle audits will be conducted on Cabinet members

A police vehicle patrols outside the residence of the Gupta family in Saxonworld, Johannesburg, South Africa, on Wednesday, Feb. 14, 2018.

"President Ramaphosa, I want to on behalf of the DA congratulate you, wish you well and I want you to know, if you act in interests of the people of South Africa, we will cooperate as best we can", said Mmusi Maimane.

Levies on fuel and luxury goods will go up, while spending will be pared back over the next three years, according to finance minister Malusi Gigaba.

"This is line with our forecast for continued South African rand (ZAR) gains over the course of this year, in part also reflecting a weaker United States dollars, with an eventual test of 11.00 remaining possible".

There is much speculation that President Cyril Ramaphosa will reshuffle the Cabinet soon‚ as he seeks to consolidate his authority and begin implementing more market-friendly policies. Ramaphosa was elected president last week, a day after his party forced Jacob Zuma to quit following a scandal-marred nine-year tenure during which economic growth stagnated. "The biggest challenge will be turning around struggling state-owned enterprises".

In fixed income, government bonds were flat, with the yield on the benchmark instrument due in 2026 ZAR186= at 8.10 percent.

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Then in June previous year the amaBhungane Centre for Investigative Journalism and the Daily Maverick website's Scorpio unit unveiled the so-called Gupta Leaks - a trove of more than 1 million electronic documents.

"Coming off a very low base, the growth number is very achievable", Jeffrey Schultz, an economist at BNP Paribas, said by phone from Johannesburg.

It calls on President Ramaphosa to remove Gigaba as finance minister with immediate effect.

The budget didn't promise any additional funding for cash-strapped state-owned companies, although provisions could still be made and financed by selling about R40bn worth of state properties.

Ramaphosa said on Friday he would "shortly appoint a Commission of Inquiry into Tax Administration and Governance of SARS‚ to ensure that we restore the credibility of the Service and strengthen its capacity to meet its revenue targets". "We will have to find resources, probably through the sale of state assets".

"The expropriation of land without compensation is envisaged as one of the measures that we will use to accelerate the redistribution of land to black South Africans", said Ramaphosa. "We will support him fully".

  • Carlos Nash