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Zuma: Govt values work done by rating agencies

Over the past few months, a number of agencies have expressed concerns about growth.

FILE: President Jacob Zuma. Picture: GCIS.

CAPE TOWN - President Jacob Zuma says government values the work done by rating agencies as it gives insight into assessing the economy.

He was answering questions in the National Council of Provinces (NCOP) this afternoon.

Over the past few months a number of agencies have expressed concerns about growth, with another downgrade possible.

Zuma says ratings agencies are vital.

"Since most countries depend on international investors and access to international capital markets, good credit ratings are very important."

At the same time, President Zuma says Brazil, Russia, India, China and South Africa (Brics) are looking at rating themselves as they have a better understanding of their own economies.

However, he says while Europe faces problems, too much attention is given to developing nations when discussing their issues and these countries are better placed to rate themselves.

"The views of economists in the world are not exactly the same. There may be people who have a particular school of economic thinking who are part of rating agencies and there may be other people who think differently."

He says Brics countries want to evaluate themselves.

"They therefore think they need a rating agency that will be moving from the understanding and the philosophy of these countries as to how the economy should be."

Earlier, Economic Freedom Fighters(EFF) members were removed from the NCOP after refusing to let Zuma address the house.

One members called Zuma a "murderer".

"This man sitting there is a murderer and a thief. I'm not taking any seat because this man is a thief and a murderer."

Another member of the house became concerned, saying some attending proceedings were armed.

"I've seen members, people coming from outside and coming into this house, wearing firearms."

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