Gordhan asks foreign investors for time to turn things around
The finance minister is on an international trip in an effort to win back confidence in SA’s economy.
NEW YORK - Finance Minister Pravin Gordhan has asked international investors to give South Africa time to turn its economic status around.
Gordhan will spend today in the last meetings of an international trip he's been on, to the UK and US, in an effort to win back confidence in the country.
Gordhan has spent two days in back-to-back meetings in New York, following ones in Boston and London.
The finance minister said the biggest concern foreign investors have expressed to him is South Africa's ability to deliver structural reform.
"The issue of how you get better, higher and inclusive growth."
He has been asking investors to give South Africa six to 12 months to turn things around.
"I'm an optimist by nature; therefore we try it out first before saying it won't work."
Gordhan has been travelling with business, trade unions and Treasury members to show a united front to investors.
SA UNDER REVIEW
Earlier this week, the finance minister said ratings agency Moody's placed South Africa on review for a downgrade and will visit the country later this month to investigate further.
Moody's wants to see whether the country can reverse its economic outlook.
"They currently have South Africa two grades above what we call sub investment grade. They have certain questions in their mind and took this decision last Friday, before we met them. They will be visiting South Africa between 16 and 18 March, to meet various stakeholders and get relevant information that may influence them either not to downgrade us or to downgrade us."
Moody's announced that it's placed the government's bond and issuer ratings on review.
LISTEN: Moody's places downgrade on SA on review:
To view the National Treasury's response to Moody's decision, click here.
To view Moody's statement, click here.