Statement on the appointment of Lungisa Fuzile as National Treasury Director-General
20 Apr 2011
I am pleased to announce the appointment of Mr Lungisa Fuzile as the new Director-General (DG) of the National Treasury effective 16 May 2011.
Mr Fuzile joined the National Treasury in February 1998 as a deputy director in the Intergovernmental Relations division, where he gained a sound understanding of the intergovernmental finance system and rose through the ranks to become the head of the division. In this position he demonstrated strategic leadership to the development and maintenance of the intergovernmental fiscal framework, including the review of the formulae for the transfer of resources to provincial and local governments.
Mr Fuzile is currently the Treasury's Head of Asset and Liability Management. In this capacity Fuzile, together with the DG and other Treasury colleagues, meets domestic and foreign investors twice a year to sell them the good prospects that South Africa offers.
In his various positions in the Treasury he has acquired a deep understanding of the work of the department including financial market development, and global and domestic economic context. Before joining the Treasury, he worked as a statistician, university lecturer and teacher.
I would like to take this opportunity to thank Mr Lesetja Kganyago, the out-going Director-General, for his vibrant leadership and dedication over the past 15 years. We are confident that the exceptional work of the department will continue under Mr Fuzile's sterling leadership.
Profile of Lungisa Fuzile
Lungisa Fuzile joined the National Treasury in February 1998 after a stint as a statistician, teacher and university lecturer.
His various roles at the National Treasury during the past 13 years have given him a sound understanding of the work of the department. As previous head of the Intergovernmental Relations unit, he gained an in-depth understanding of the intergovernmental finance system. He also has sound knowledge of the global and domestic economic context. This understanding of the economic environment, the intergovernmental system and his strong commitment to public service make Fuzile an ideal candidate to lead the National Treasury.
As his achievements at the National Treasury demonstrate, Fuzile has a mature approach to dealing with internal and external stakeholders, staff and other bodies that interact with the National Treasury.
Fuzile, a Master of Commerce graduate, is a Deputy Director-General in the department and has been the head of the Asset and Liability Management (ALM) division since July 2008. In that capacity he has been responsible for cash management, the financing of the deficit and financial oversight over state-owned entities. As a result of the global financial crisis which pushed most economies into a recession, the funding needs of government rose sharply during the past two years, a period during which government raised more than R300 billion from domestic and foreign markets.
As the head of ALM Fuzile, together with the DG and other Treasury colleagues, meets domestic and foreign investors twice a year to sell them the good prospects that South Africa offers. The success in raising $750 million at very good rates in March this year is attributable to how well Fuzile and his colleagues explained the South African investment story to investors.
In addition to meeting investors, Fuzile is also responsible for liaising with the South African Reserve Bank (SARB) on the financing of the cash used by the SARB to buy foreign exchange reserves as well as meeting the cash requirements of government. Since January 2010 National Treasury has bought R53 billion worth of foreign exchange reserves to help temper the volatility and appreciation of the rand.
Fuzile has also played a key role in assisting Eskom raise the resources it needs to fund its multi-billion rand build programme through a combination of government loans and guarantees. He also interacted with senior World Bank and African Development Bank officials to persuade these institutions to lend money to Eskom.
Before moving to ALM, Fuzile was head of Intergovernmental Relations, a position which saw him give strategic leadership to the development and maintenance of the intergovernmental fiscal framework, including the reviewing of the formulae for the transfer of resources to provincial and local governments. It was under his leadership that Intergovernmental Relations introduced the Infrastructure Delivery Improvement Programme (IDIP) to solve the capacity and institutional challenges faced by the provincial departments of Health, Education and Public Works in the delivery of infrastructure.
Born in 1966, Fuzile began his career as a school teacher, later switching to university lecturer before joining Statistics South Africa in January 1997. He is married and has one daughter.
Statement issued by National Treasury, April 20 2011
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