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South African Treasury rail and port privatisation stymied in cabinet

A SOUTH AFRICA privatisation of electricity, port and rail services has run in opposition in cabinet as it conflicts the ruling African National Congress (ANC) interventionist policies in tackling poverty, reports Bloomberg

South African Treasury rail and port privatisation stymied in cabinet

A SOUTH AFRICA privatisation of electricity, port and rail services has run in opposition in cabinet as it conflicts the ruling African National Congress (ANC) interventionist policies in tackling poverty, reports Bloomberg

02 September 2019 - 19:00

A SOUTH AFRICA privatisation of electricity, port and rail services has run in opposition in cabinet as it conflicts the ruling African National Congress (ANC) interventionist policies in tackling poverty, reports Bloomberg.

Finance Minister Tito Mboweni's National Treasury privatisation is opposed by trade union allies of the ANC government which advocates an interventionist role in dealing with 29 per cent unemployment rate.



Mr Mboweni's plan to pull the economy out of its longest downward cycle since 1945 envisions the state rules to make it easier to do business and privatising assets to stabilise its finances.



Official policy positions, adopted by the party, include nationalising the central bank, land seizures and implementing a national health insurance system.



South Africa's economic woes stem from policy missteps and rampant graft that characterised the nine-year rule of former President Jacob Zuma, who quit under pressure from the ANC 18 months ago and was replaced with his deputy Cyril Ramaphosa.


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