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Gigaba drops briefing on SA economy to attend ANC meeting

The Finance Minister’s office says Finance Minster Malusi Gigaba has to attend a meeting with the African National Congress leadership today.

FILE: Finance Minister Malusi Gigaba makes a point at the World Economic Forum Africa meeting in Durban. Picture: AFP

JOHANNESBURG – Finance Minister Malusi Gigaba has postponed a briefing which was scheduled for Monday to give clarity on the way forward for the country’s economy.

On Friday night, Moody’s announced its decision to drop its rating a notch to Baa3, with a negative outlook.

About 10 days ago, Standard & Poor’s Global and Fitch kept their ratings at BB+ with S&P Global rating the local currency at BBB-.

The Finance Minister’s office says he has to attend a meeting with the African National Congress leadership today.

Following Moody’s announcement, the Treasury said it recognised that the agency had cited the weakening of South Africa’s institutional strength.

Moody’s also says there are reduced growth prospects relating to policy uncertainty.

Added to this, there is also the continued erosion of fiscal strength due to rising public debt and contingent liabilities.

The Treasury says that while Moody’s rating is still investment grade there are more risks of downgrades.