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'Ratings decisions give SA time to tackle economic challenges'

Minister in the Presidency Jeff Radebe says plans are already in motion to grow the economy.

Minister in the Presidency Jeff Radebe. Picture: GCIS.

JOHANNESBURG - Cabinet says the recent rating agency assessments have reaffirmed government's commitment to turning the economy around.

Minister in the Presidency Jeff Radebe made the comments at a briefing today on the Cabinet meeting which was held yesterday.

Rating agency Fitch yesterday reaffirmed the country's investment grading and kept the outlook at stable.

This followed the two earlier ratings by Moody's and Standard & Poor's which kept its negative outlook unchanged.

Radebe said these decisions had given the country much-needed time to address challenges in the economy.

"Our government is already implementing key interventions in those sectors most impacted on, such as agriculture, transport, electricity and mining which are being addressed through operation Phakisa to unlock the constraints to growth."

He said Cabinet noted the contraction of the economy in the first quarter of the year, but said plans were already being implemented.

"The ratings reviews reaffirm the continued work by government to turn the economy around and give South Africa the necessary space to continue implementing its intervention plans."