A track record of prudent economic measures is standing South Africa in good stead, as the global credit crunch bites. "Our finances are in order. Our banks are sound. Our investment plans are in place. Our course is firmly directed at our long-term growth and we will ride out this storm," Trevor Manuel, South Africa's Minister of Finance told parliament in late October.rnUnder Manuel's stewardship, the finance ministry has gained a reputation for creating economic stability and for good housekeeping, so much so that the country has been running a budget surplus in recent times. This is now being drawn on to ensure financial institutions and South Africa's growing industrial base can weather the short-term uncertainties created by the global downturn.rnFinancial institution leaders say many aspects of the business framework put in place by the government are proving helpful. "When it comes to finances and fiscal discipline, the government has been exemplary," says Tom Boardman, CEO of Nedbank Group, one of South Africa's largest banking groups.
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