The Presidential Daily Brief

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    Zuma Fires Finance Minister, Sparking Fears of Party Split

    Everything’s going south. The rand plummeted 7 percent this week, declining sharply last night after South African President Jacob Zuma purged nine cabinet ministers critical of his administration. Among them was Finance Minister Pravin Gordhan, without whom some analysts expect to see the country’s investment grade status swiftly slashed to “junk.” The president’s actions could also cause a governing crisis, as party allies objected to Gordhan’s ousting. Many are already calling for scandal-plagued Zuma to resign and are considering potential replacements ahead of December’s party conference.

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