Finance Minister Malusi Gigaba’s first medium-term budget policy statement showed clearly the catastrophic impact President Jacob Zuma has had on the South African economy, the Democratic Alliance (DA) said on Wednesday.

“The Minister of Finance, Malusi Gigaba’s maiden’ medium-term budget policy statement exposes the full horror of President Jacob Zuma’s catastrophic management of the economy in South Africa,” DA finance spokesperson David Maynier said.

He said it showed there was a “full-scale budget ‘blow out” characterised by a revenue shortfall of R50.8-billion, an increase in debt service costs to R163.3-billion and an increase of the budget deficit to 4.3% of GDP.

“Worse, any prospect of the recovery now rests with a mystery ‘presidential committee’ under President Jacob Zuma, who is ‘ground zero’ of the meltdown in the economy in South Africa,” Maynier added.

He was referring to a committee in the presidency set up to advise the minister on reforms and budget prioritisation.

Asked about it on Wednesday, Gigaba said perceptions that it would erode the power of National Treasury were unfounded.