Jonas: Govt has done all it can to avert credit downgrade
Credit rating agency Standard & Poor's Global is already in the country for its review of South Africa's sovereign credit rating.
JOHANNESBURG – Deputy Finance Minister Mcebisi Jonas says while credit rating agencies have raised concerns about South Africa’s fiscal targets, he believes government has done everything in its power to avert a credit down grade.
Standard & Poor's Global are already in the country for their review of South Africa, before the end of the year.
They have warned of a possible downgrade by year end due to over-expenditure, the underperforming economy and political turmoil.
Jonas says government is proud of the work it’s done and presented so far to rating agencies.
“A lot of work has been done and put into the ratings agencies story and I think we think that we have a firm preposition.”
The deputy minister says he hopes that in the end they will see that there is growing consensus across the board to grow the economy.
“We need to improve growth, we need to ensure that we stick to the fiscal path that we have taken as a country.”
Jonas has emphasised the importance of maintaining the current rating as a downgrade will have devastating implications.
(Edited by Masechaba Sefularo)