Gordhan: SA has displayed sound fiscal policies

Pravin Gordhan says the recent medium term budget policy statement has shown the country's fiscal stability and strength.

FILE: Finance Minister Pravin Gordhan. Picture: GCIS.

JOHANNESBURG - Finance Minister Pravin Gordhan says the country has displayed sound fiscal policies and he doesn’t see a reason for there to be a “fall guy” in the event that South Africa is downgraded to junk status.

Gordhan was speaking at the Discovery Leadership Summit in Sandton.

The Finance Minister says a business revolution is needed in South Africa where business practices are more inclusive of citizens and the ethical standards within the public and private sectors are questioned.

Gordhan says while it’s been a difficult time for team South Africa during roadshows to ratings agencies, the recent medium term budget policy statement has shown the country's fiscal stability and strength.

As the possibility of junk status looms, Gordhan says over the next week the agencies will be looking at the country’s institutions which he says have demonstrated their strength in various ways.

The Finance Minister says another factor that will be considered is what he has called “political noise” which Gordhan says is relative and South Africa isn’t necessarily the loudest in the world.

Gordhan has made a plea that there be a collective focus on the national interest being placed at the forefront as they prepare to meet with agencies over the next few weeks.

(Edited by Winnie Theletsane)