Treasury confirms Sachs' resignation

13 November 2017 - 13:20 By Katharine Child
Finance Minister Malusi Gigaba
Finance Minister Malusi Gigaba
Image: Gallo Images

National Treasury has confirmed the resignation of its Deputy Director-General: Budget Office‚ Michael Sachs‚ and moved to assure South Africans it is committed to the integrity of the country's finances.

Finance Minister Malusi Gigaba assured that public treasury spending would remain sound. He said he was "saddened" by Sach's decision.

The Sunday Times reported that Sachs threatened to resign over President Jacob Zuma’s decision to make university freely available to families earning under R350‚000 per year.

Zuma has been warned by a ministerial task team not to do so.

Sachs resignation follows respected Director-General Lungisa Fuzile's departure in April.

Gigaba said: “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 process introduced by the first democratic government.

"The Minister wishes to assure the nation that Treasury remains committed to a budget that focuses on fiscal consolidation and mindful of the economic challenges of the country while protecting the poor."

National Treasury said in a statement: "Sachs will not be leaving National Treasury immediately to ensure a proper handover to another senior official and to allow for a smooth transition with as little interruption to the work of the Budget Office as possible."

"Mr Sachs works with many knowledgeable technocrats who he has also helped groom over his years at the department."