Treasury chief resigns over Zuma’s push for free education

Michael Sachs has resigned from his role as head of Treasury’s budget team after Jacob Zuma undermined by going ahead with plans to enforce a free university education policy for poorer South Africans.

It seems somewhere, somehow in Zuma’s plan to provide free education for households with an income of less than R350,000 has undermined Sachs.

The president has come under fire for his plan from both ANC members and members of the opposition. In order for government to afford the plan, R40 billion would have to be redirected from government departments.

Zuma’s plan has now pushed Sachs out of his role as the head of the budget for the treasury. Sources speaking to Fin24 confirmed that he issued his resignation last week. Although they said that Sachs was quitting because of political interference, rather than the policy itself.

Rand Merchant Bank analyst John Cairns spoke on the matter, and accused the president’s plans of having very little weight behind them.

“The president’s statement on the issue has only clarified that he did not want — as alleged in the Sunday media — to make the announcement during his State of the Nation Address, and adds nothing on his current thinking or planned actions.”

[Source: Fin24]

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