AGL 35.20 Decreased By ▼ -0.50 (-1.4%)
AIRLINK 123.23 Decreased By ▼ -10.27 (-7.69%)
BOP 5.04 Increased By ▲ 0.07 (1.41%)
CNERGY 3.91 Decreased By ▼ -0.12 (-2.98%)
DCL 8.15 Decreased By ▼ -0.27 (-3.21%)
DFML 44.22 Decreased By ▼ -3.18 (-6.71%)
DGKC 74.35 Decreased By ▼ -0.65 (-0.87%)
FCCL 24.47 Increased By ▲ 0.22 (0.91%)
FFBL 48.20 Increased By ▲ 2.20 (4.78%)
FFL 8.78 Decreased By ▼ -0.15 (-1.68%)
HUBC 145.85 Decreased By ▼ -8.25 (-5.35%)
HUMNL 10.85 Decreased By ▼ -0.15 (-1.36%)
KEL 4.00 Decreased By ▼ -0.06 (-1.48%)
KOSM 8.00 Decreased By ▼ -0.88 (-9.91%)
MLCF 32.80 Increased By ▲ 0.05 (0.15%)
NBP 57.15 Decreased By ▼ -0.65 (-1.12%)
OGDC 145.35 Increased By ▲ 2.55 (1.79%)
PAEL 25.75 Decreased By ▼ -0.26 (-1%)
PIBTL 5.76 Decreased By ▼ -0.16 (-2.7%)
PPL 116.80 Increased By ▲ 2.20 (1.92%)
PRL 24.00 Decreased By ▼ -0.15 (-0.62%)
PTC 11.05 Decreased By ▼ -0.42 (-3.66%)
SEARL 58.41 Increased By ▲ 0.41 (0.71%)
TELE 7.49 Decreased By ▼ -0.22 (-2.85%)
TOMCL 41.10 Decreased By ▼ -0.04 (-0.1%)
TPLP 8.31 Decreased By ▼ -0.36 (-4.15%)
TREET 15.20 Increased By ▲ 0.12 (0.8%)
TRG 55.20 Decreased By ▼ -4.70 (-7.85%)
UNITY 27.85 Decreased By ▼ -0.15 (-0.54%)
WTL 1.34 Decreased By ▼ -0.01 (-0.74%)
BR100 8,572 Increased By 112.2 (1.33%)
BR30 27,276 Increased By 7.4 (0.03%)
KSE100 81,459 Increased By 998 (1.24%)
KSE30 25,800 Increased By 331.7 (1.3%)

South African President Jacob Zuma is seeking advice on whether giving the economic development ministry more policy-making powers would be illegal, a local newspaper said on Sunday.
Zuma, under pressure from powerful trade union ally COSATU to shift policy more towards the left, may violate the country's constitution if he gives the ministry more responsibility to manage macroeconomic policy, the Sunday Times reported. Zuma's spokesman, Vincent Magwenya, would not confirm or deny the report.
"I can't comment on that issue ... But as far as the president is concerned, there is no contradiction on this issue at all," Magwenya told Reuters.
COSATU wants Economic Development Minister Ebrahim Patel, a former trade unionist, to be responsible for directing macro-economic policy. Patel heads up one of the three ministries in the Zuma administration that will steer the economy, led by the Treasury under Finance Minister Pravin Gordhan, and which also includes the national planning commission under former finance minister Trevor Manuel.
COSATU, which wants inflation targets scrapped and changes to how the central bank operates, has clashed with government over the powers given to Manuel, who they view as championing business-friendly economic policy. The Sunday Times said Zuma had met with a COSATU delegation last month and promised them to address the issue.

Copyright Reuters, 2009

Comments

Comments are closed.