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Manuel will avail himself to the new administration

by BuaNews Online
on 23 Sep 2008
BuaNews Online
BuaNews Online

Finance Ministry spokesperson Thoraya Pandy has confirmed that while both Finance Minister Trevor Manuel and his Deputy Jabu Moleketi have tendered their resignations, they will avail themselves to the new administration.

"They are both appointed by the President of the Republic to serve the country and are duty-bound to resign given the resignation of Thabo Mbeki.

"They both, however, want to make it clear that they are ready to serve the new administration in any capacity that the incoming President deems fit," said Ms Pandy.

Markets plunged almost immediately following the news of the resignation of cabinet members on Wednesday, including Finance Minister Trevor Manuel and his deputy Jabu Moleketi, with the All Share dropping 4 percent and the Rand giving up 25 cents to the Dollar.

"Following the news, the markets reacted almost immediately with the All Share dropping 4 percent [although it has rebounded to about 3 percent] and the Rand has lost 25 cents and sitting at about R8.20 to the Dollar.

"Bonds are selling off and equities, although it started yesterday, are also selling off," Econometrix economist Russell Lamberti told BuaNews, Tuesday, in the wake of the mass resignations.

The All Share is hovering around the 25100 level, while gold and platinum are both down 0.68 percent and 2.4 percent respectively.

The Presidency confirmed on Tuesday, it had received letters of resignation from ten cabinet ministers, three deputy ministers and the Deputy President Phumzile Mlambo-Ngcuka.

The resignations will be effective on the day that the outgoing President Thabo Mbeki's resignation takes effect. This will be on Thursday following his resignation being accepted by a majority vote in the National Assembly on Tuesday morning.

Mr Mbeki told the nation on Sunday, that he had formally resigned as President of South Africa.

The following Members of Cabinet have tendered their letters of resignation:

* Deputy President, Phumzile Mlambo-Ngcuka
* Minister of Defence, Mosiuoa Lekota
* Minister of Finance, Trevor Manuel
* Minister in the Presidency, Essop Pahad
* Minister of Intelligence, Ronnie Kasrils
* Minister of Correctional Services, Ngconde Balfour
* Minister of Public Enterprises, Alec Erwin
* Minister of Science and Technology, Mosibudi Mangena
* Minister of Public Works, Thoko Didiza
* Minister of Provincial and Local Government, Sydney Mufamadi
* Minister of Public Service and Administration, Geraldine Fraser-Moleketi

The following Deputy Ministers have also tendered their resignations:
* Deputy Minister of Foreign Affairs, Aziz Pahad
* Deputy Minister of Finance, Jabu Moleketi
* Deputy Minister of Correctional Services, Loretta Jacobus

In a statement, the Presidency said Mr Mbeki has had to regretfully accept the resignations.

"All the ministers have expressed their availability to assist the incoming administration in the hand-over process and any other assistance that might be sought from them," said the Presidency.

President Mbeki thanked the Deputy President, the Ministers and the Deputy Ministers for their dedicated service to the nation and wished them well in their future endeavours. - BuaNews

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