Radebe: Cabinet confident SA will remain investment grade country

Minister in the Presidency Jeff Radebe says efforts are already underway to address concerns identified by global rating agencies.

FILE: Minister in the Presidency Jeff Radebe. Picture: Reinart Toerien/EWN.

JOHANNESBURG - Minister in the Presidency Jeff Radebe says efforts are already underway to address concerns identified by global rating agencies, a week after they kept the country's rating above junk status.

Last Friday, Standard and Poor's kept the country's sovereign credit rating unchanged, one level above junk status and maintained its negative outlook.

Radebe congratulated what he termed "Team South Africa", which is government and all citizens, for safeguarding the investment rating.

“Through hard work and united action, the economy and investor confidence have been stabilised in these difficult economy times.”

The minister says Cabinet has noted the agencies' concerns.

“Cabinet remains confident that the path that has been set out in the National Development Plan and our government’s planned fiscal consolidation, together with the implementation of the nine-point plan will help South Africa remain an investment-grade country.”

‘SA ON THE ROAD TO ECONOMIC RECOVERY’

Radebe says significant investment in South Africa shows the country is on the road to economic recovery and is a viable investment destination.

The minister says South Africa has witnessed a growing number of foreign investment initiatives over the last year.

“Which demonstrate confidence by international investment community in our economy. It further demonstrate that our country is on a path to recovery and continues to be a viable investment destination.”

Radebe says the drought was the largest contributor to slow economic growth.

(Edited by Zamangwane Shange)