South Africa has a long way to go to convince ratings agencies of its growth and reform agenda, after all three agencies downgraded it during 2020. S&P was scheduled to release a ratings review of the country on 19 Nov, though it is not obliged to issue a report if ratings factors are deemed to remain unchanged. While South Africa’s finances remain shaky, finance minister Enoch Godongwana’s commitment last week to rein in debt, reduce loan-servicing costs, narrow the budget deficit and cut spending in the coming year should help bolster investor confidence. The medium-term budget was the clearest sign yet that the former labour unionist and head of economic transformation of the ruling African National Congress won’t give in to calls to scale back austerity measures.
SOURCE: BUSINESS DAY LIVE
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