S.African minister vows 'sound fiscal management' after rand collapse

Pravin Gordhan, who served as South Africa's finance minister from 2009 to 2014, was re-appointed to the role after the rand fell to an all-time low of 16 to the dollar. By Alexander Joe (AFP/File)

Pretoria (AFP) - South Africa's new Finance Minister Pravin Gordhan vowed Monday to stabilise the economy after his predecessor lasted just four days in the job amid a dramatic slump in the rand.

"We will stay the course of sound fiscal management," Gordhan told reporters. "Our expenditure ceiling is sacrosanct. We can have extra expenditure only if we raise extra revenue."