Veteran Pravin Gordhan has been appointed South Africa’s new Finance Minister by President Jacob Zuma, who fired two of his predecessors amid economic turmoil in South Africa’s second largest economy.
66-year old Gordhan’s appointment comes after Zuma dismissed his Finance Minister Nhlanhla Nene without giving reasons. The country’s Rand sank to new lows as the news of the turmoil broke.
Gordhan’s appointment sent the Rand up nearly 5 percent but did not quell the tide of criticism of the president. Gordhan however was widely respected when he served as South Africa’s finance minister from 2009 – 2014. The president has now assigned Gordhan with several tasks to address the country’s failing economy. He will also be required to ensure fiscal discipline in government spending, and work with the financial sector to bring about stability.