You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

South Africa can avoid credit downgrades – Gordhan

Finance minister says country has made progress in achieving set milestones.

JOHANNESBURG – South Africa is making progress towards avoiding rating downgrades despite the economy not growing fast enough, Finance Minister Pravin Gordhan told a trade union gathering on Wednesday a week before reading his mid-term budget speech.

Ratings agencies have warned they could cut the country’s credit rating to “junk” by year-end if the country does not lift growth to at least 1% annually.

“As a country we have to understand that unless we solve the low growth problem, we don’t have fiscal resources required for all needs,” Gordhan said.

“The ratings agencies will say these promises that you guys made between March and June this year, you gave us milestones that you would cover, how much have you done? I believe we can begin to show a report card that does indicate some progress.”

‘Good relations’

After giving his speech, Gordhan told reporters in response to a question that his relations with President Jacob Zuma were “good” and that he was busy preparing for the medium-term budget policy statement.

“He is my president so I have to have very good relations with him,” he said.

Fraud charges against Gordhan were unveiled by state prosecutors last week and his supporters and analysts say these could be aimed at discrediting the minister for defying close allies of President Jacob Zuma, who has said that the presidency is not at war with Gordhan.

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

Like I said before “shop talk”. Forget JZ, you will be better off.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles: Advanced Search
Click a Company: