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Mabuza: Govt can't afford to ignore advice of rating agencies

Deputy President David Mabuza said that government was working to address ratings agencies’ concerns about the country’s slow growth, burgeoning government debt and unstable state-owned entities.

FILE: Deputy President David Mabuza responding to oral questions in the National Assembly in Cape Town on 17 October 2019. Picture: @DDMabuza/Twitter

CAPE TOWN - Deputy President David Mabuza said that government was working to address ratings agencies’ concerns about the country’s slow growth, burgeoning government debt and unstable state-owned entities.

Moody’s is the only international ratings agency that still has South Africa at investment grade and is expected to report on its assessment next month.

Mabuza also told Parliament that he fully backed Finance Minister Tito Mboweni’s economic recovery plan, as well as the unbundling of Eskom.

Answering questions in the National Assembly, he also apologised for the load shedding the country has experienced over the past two days.

Deputy President David Mabuza said that government could not afford to ignore ratings agencies.

"Unfortunately those who want to invest money in this country will take those opinions very seriously. So you can ignore their advice and opinions at your own peril."

He said the government was working to address their concerns.

"Govt has identified several possible interventions to narrow the government deficit. Some of these measures include expenditure reprioritisation, implementation of austerity measures, curbing wastage and
reducing the wage bill. The road ahead in getting our economy to grow will not be an easy one but our collective will to triumph is stronger and more resilient, I am sure we will turn the corner."

Mabuza’s also assured MPs there were no differences of opinion between himself and President Cyril Ramaphosa on how to kickstart the economy and that he’s in full support of Eskom’s unbundling.

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