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Fitch raises red flags over Gigaba's 14-point plan

Fitch says the points outlined in the plan are 'unlikely' to significantly boost economic growth.

Picture: Supplied.

CAPE TOWN - Credit rating agency Fitch has raised red flags over South Africa's recently announced Inclusive Growth Action Plan.

The agency released its statement nearly a week after Finance Minister Malusi Gigaba delivered the 14-point plan.

Most of the initiatives focus on containing pressure on public finances, state-owned entities (SOEs)’ governance and boosting black economic empowerment, as well as addressing inequality, which in Fitch's view, will only have an indirect impact on growth prospects.

Fitch says the points outlined in the plan are 'unlikely' to significantly boost economic growth.

Most of the measures announced by Gigaba are nothing new, says the agency.

[WATCH] Gigaba: 14-point plan well received by markets, business community

But while it has welcomed the deadlines for their implementation, it warns some might be too tight to meet.

It also warns the failure to implement these POINTS could continue to hamper the performance of SOEs.

The agency adds the successful oversight of state entities is crucial for spurring economic growth.

Their success will also reduce their reliance on government-backed debt.

(Edited by Zinhle Nkosi)

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