Resignation of Sachs of ‘enormous concern’- BLSA

CAPE TOWN- On Monday, Business Leadership South Africa said that the resignation of National Treasury’s long time budget head Michal Sachs was of “enormous concern”.

“Michael Sachs is another in a line of admirable and competent professionals leaving what is arguably our most important ministry tasked with the economic wellbeing of the country,” a statement issued on Monday afternoon said.

“His departure, following previous warnings about the interference of the presidency into fiscal and budgetary policymaking decisions within the Treasury, will further undermine the credibility of our institutions and comes right before credit ratings agencies publish the review of our country’s economy on 24 November.

Media obtained confirmation from two sources close to Treasury that Sachs, a deputy director general who headed up the budget office, quit last week over interference by the presidency.

Sachs’ resignation was later confirmed by Finance Minister Malusi Gigaba, who also said he was saddened to see Sachs leave.

Gigaba promised to protect “the integrity and transparency of the budget system and process”, he said in a statement.

“Both the director general and I are aware of protecting the integrity and transparency of the budget system and process, and ensure that all tax and expenditure decision processes continue to be run by the Treasury and minister of finance, and continues with the consultative processes introduced by the first democratic government,” the statement said.

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