Gigaba remains 'resolute’ in trying to avert further downgrade

Finance Minister Malusi Gigaba says bold and decisive interventions are needed to address structural defects in the economy.

FILE: Finance Minister Malusi Gigaba. Picture: Reinart Toerien/EWN.

PARLIAMENT - Finance Minister Malusi Gigaba says he remains resolute in trying to avert a further downgrade of South Africa’s credit rating and growing a more inclusive economy.

Wrapping up debate on the National Treasury’s budget vote in Parliament on Tuesday afternoon, Gigaba says bold and decisive interventions are needed to address structural defects in the economy.

Gigaba says sustained low growth is the biggest medium-term risk to fiscal policy and should be countered by providing policy certainty and stabilising state-owned companies.

Gigaba says he remains steadfast: “Our focus is on deflecting any further downgrade and on growing our economy inclusively. We will do that by remaining resolute and not be distracted by gossip and rumour-mongering, no matter how vicious and frequently it is repeated.”

Gigaba says the state must step in to speed up structural reforms of the economy.

“Not by eloquent speeches… it is through decisive and bold interventions in the economy where the state plays as important a role as the business sector, where we act united as business labour social partners and government to address these structural defects.”

(Edited by Zamangwane Shange)