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Zuma: Govt has done enough to avoid ratings downgrade

President Jacob Zuma told the National Assembly that progress had been made to speed up economic growth in the country.

FILE: President Jacob Zuma responds to a question in Parliament. Picture: Anthony Molyneaux/EWN

CAPE TOWN - President Jacob Zuma says enough has been done by government to avoid a credit ratings downgrade.

Answering questions in Parliament, Zuma was asked by the African Christian Democratic Party (ACDP)'s Steve Swart whether government considered the views expressed by sovereign ratings agencies earlier this year, to avoid a ratings downgrade in their next review.

President Zuma says progress has been made to speed up economic growth in the country.

“R1.4 billion has been committed by the private sector to support small business enterprises. Companies have pledged to offer internships to one million young work seekers.”

He says South Africans have the tendency of politicising downgrades from ratings agencies which is why there’s a perception that the economy is in such a bad state.

The President says government is working closely with ratings agencies but what’s happening in the country also happens elsewhere in the world.

“South Africans highly politicise the rating agencies. There are many things happening in other countries that we do not even hear there’s been ratings. France in September was downgraded and the United Kingdom in June also downgraded.”

(Edited by Zamangwane Shange)