Gigaba to assure Moody’s that SA's economic path remains unchanged

Moody’s is the only ratings agency that has not yet downgraded South Africa to junk status.

FILE: Malusi Gigaba. Picture: GCIS.

PRETORIA - Finance Minister Malusi Gigaba says he will discuss South Africa's economic structural reforms with Moody's and will assure the ratings agency that the country's economic path remains unchanged.

Gigaba was speaking in Pretoria on Wednesday, just hours before he’s due to fly to the US for meetings with the World Bank and the International Monetary fund.

Moody’s is the only ratings agency that has not yet downgraded South Africa to junk status.

Gigaba says he will be meeting with Moody's to give assurances on government’s policy direction - which he says remains unchanged.

“I will also raise with Moody’s the programme for structural reforms in the economy in the form on the Nine Point Plan and the various aspects that we are implementing related to industrialisation, supporting the emergence of black industrialists, the beneficiation programme and supporting agro-processing.”

Gigaba says it’s only the executive which has changed, not policy.

He believes the setbacks the country has experienced are temporary and says South Africa’s institutions are strong enough to turn the situation around.

(Edited by Winnie Theletsane)