Zuma survives pressure to quit

South Africa’s African National Congress “closed ranks” around President Jacob Zuma after two key allies of the ruling party called for his resignation following a cabinet reshuffle that cost the country one of its investment-grade credit ratings.
The rand fell more than 1 percent and bonds weakened after African National Congress (ANC), Secretary General Gwede Mantashe told a news briefing yesterday that the party would not support removing Zuma, whose party leadership role ends in December. Zuma’s presidential term will finish in 2019.
Last Thursday’s dismissal of finance minister Pravin Gordhan, a totem of policymaking stability for many foreign investors, was criticized by unions, civil society groups and the opposition, and has revived pressure on Zuma to quit.

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Zuma survives pressure to quit

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