South African Finance Minister Nhlanhla Nene
Photo by: Duane Daws
US Secretary of Treasury Jacob Lew and South African Finance Minister Nhlanhla Nene met in Pretoria on Friday to discuss the state of the global economy, policies to promote regional growth and investment, and the development of trade and investment linkages between the US and South Africa.
The parties outlined in a joint statement that discussions centered on measures required to further deepen the bilateral trade and investment relationship between the countries, including the importance of a transparent, rules-based investment environment.
Nene and Lew further noted the “constructive cooperation” the two countries had enjoyed through the Group of 20 and the Financial Stability Board, including around the establishment of appropriate regulatory standards for the financial sector.
“[We] also agreed on the need for the US to pass International Montetary Fund (IMF) quota reforms as quickly as possible, which will strengthen the IMF’s ability to respond to urgent global crises,” the statement read.
Lew further highlighted US and South African cooperation to promote the goals of the Power Africa initiative, which aimed to boost access to electricity to more than 60-million households and businesses across Africa.
In so doing, he reaffirmed the US’s commitment to bolstering trade and investment in Africa through the Trade Africa and Doing Business in Africa initiatives, which were aimed at increasing economic linkages within Africa and between Africa and the US.
Lew, meanwhile, outlined the ongoing steps that the US was taking to strengthen its economy, noting that comprehensive policy responses to the challenges following the global financial crisis had laid the foundation for current positive economic trends.
“This includes the longest streak of private sector job gains on record in the US,” he said.
In turn, Nene described South Africa’s plans to bolster growth, while reining in the fiscal deficit and further outlined the Medium-Term Budget Policy Statement, which was welcomed by Lew.
The US Secretary of Treasury encouraged further implementation of the priorities highlighted in the National Development Plan, such as investment in critical infrastructure, labour market reforms to support inclusive growth and job creation, and steps to strengthen governance of State-owned enterprises.