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strength Trea­sury de­vel­oped over time was partly drawn from ex­ec­u­tive sup­port. Then deputy pres­i­dent and later pres­i­dent Thabo Mbeki, in par­tic­u­lar, en­gaged with then fi­nance min­is­ter, Trevor Manuel, and Trea­sury’s se­nior man­age­ment. Mbeki en­dorsed ortho­dox macroe­co­nomics and de­fended fis­cal re­straint in the face of ex­pec­ta­tions for ex­panded so­cial spend­ing.

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