THE BANKING ASSOCIATION ON THE ANC NEC RESOLUTIONS
The Banking Association South Africa (The Banking Association) notes the resolutions of the African National Congress (ANC) National Executive Committee (NEC) meeting held on 18 – 20 March 2016, related to the economy and ongoing allegations and reports of undue and illegitimate influence and interference in the state.
According to the Association’s Managing Director, Cas Coovadia:
“The Banking Association welcomes and shares in particular, the confidence that the ANC NEC has expressed in the Minister of Finance. At this critical economic and fiscal juncture, it provides a timely degree of political certainty and assurances to maintaining stability in the political leadership of National Treasury. It is also a critical requirement in our collective national effort to get behind the 2016 Budget to boost confidence and inclusive growth in the economy, attract investments and possibly avoid a further ratings downgrade.”
The Banking Association has consistently advocated for greater regulatory certainty, the removal of regulatory impediments and avoiding unintended consequences of new laws and regulations.
“As the Banking Association, we continue to affirm our commitment to working with Government to achieve the objectives of the NDP, the State of the Nation Address 9-Point Plan and the Budget, to support economic recovery, higher inclusive growth and investment. To signal positive indications to ratings agencies, we take forward our commitment, as part of the broader business initiative with government and labour, to work with the Government on concrete measures within specific timeframes to address regulatory and legislative uncertainty, implement necessary reforms and reduce impediments, streamline compliance requirements and fast-tracking blockages. This includes working with the new Inter-Ministerial Committee on Investment, Parliament and a constellation of Government departments and regulators.” says Coovadia.