The African National Congress (ANC) does not necessarily share the economic views of its leftist allies, party treasurer Mathews Phosa said, Business Day reported on Friday.

Phosa told a meeting of businessmen and diplomats the ANC respected the views of its allies, the Congress of South African Trade Unions (Cosatu) and the South African Communist Party (SACP), but did not share all of them, the newspaper said.

“We are prepared to make the necessary compromises around the table to make sure the economic framework is what it is,” he was quoted as saying in response to a question on the future direction of economic policy.

“Cosatu have their views and we have respect for those … but we have our views too and the responsibility to run the country. Just because some issues are raised does not mean they are views of the ANC. We will continue to talk to Cosatu and the SACP.”

Cosatu and the SACP would like to see more social spending and subsidies for the poor, instead of a fiscal surplus, and an end of the inflation targeting which they blame for interest rates that have gone up 500 basis points between June 2006 and June 2008.

Phosa repeated the ANC’s position, that there would be no changes to the macroeconomic policy framework that has earned South Africa the respect of global markets since 1994.

“We have no reason to deviate from the successful applications of policies that would allow business to flourish,” he said.