Zuma to hear solutions to economic crisis

Business and labour will on Wednesday present solutions for the economic situation.

President Jacob Zuma speaks at the African Diaspora, 24 May 2012. Picture: GCIS.

JOHANNESBURG - Business, labour and government are on Wednesday expected to present solutions to the economic situation in South Africa to President Jacob Zuma.

Zuma is meeting interested parties to follow up on a meeting that took place on Friday.

He called the emergency meeting on Friday, after the country received two consecutive downgrades from ratings agencies - which could affect the cost of borrowing money for the government.

Business leaders have agreed to freeze salaries as a gesture, to show sensitivity to the current situation in which workers are striking in various industries for better pay.

Workers in the mining and transportation industries have embarked on strikes demanding better salaries.

Municipal workers have also announced a strike, but have not yet said when they will abandon their jobs.

The strikes have led to millions of rands being lost, as operations at several mines have been halted.

Presidency spokesperson Mac Maharaj said Zuma hopes inputs made in today's meeting will lead to tangible products which all parties will be committed too.

Government said it would still prioritise spending on infrastructure.