20°C / 22°C
  • Wed
  • 30°C
  • 16°C
  • Thu
  • 31°C
  • 17°C
  • Fri
  • 18°C
  • 16°C
  • Sat
  • 25°C
  • 15°C
  • Sun
  • 25°C
  • 15°C
  • Mon
  • 25°C
  • 15°C
  • Wed
  • 24°C
  • 19°C
  • Thu
  • 28°C
  • 19°C
  • Fri
  • 28°C
  • 19°C
  • Sat
  • 27°C
  • 20°C
  • Sun
  • 27°C
  • 20°C
  • Mon
  • 27°C
  • 20°C
  • Wed
  • 33°C
  • 18°C
  • Thu
  • 33°C
  • 19°C
  • Fri
  • 19°C
  • 17°C
  • Sat
  • 27°C
  • 16°C
  • Sun
  • 27°C
  • 16°C
  • Mon
  • 27°C
  • 16°C
  • Wed
  • 30°C
  • 15°C
  • Thu
  • 31°C
  • 15°C
  • Fri
  • 18°C
  • 14°C
  • Sat
  • 26°C
  • 14°C
  • Sun
  • 26°C
  • 14°C
  • Mon
  • 26°C
  • 14°C
  • Wed
  • 25°C
  • 21°C
  • Thu
  • 25°C
  • 22°C
  • Fri
  • 27°C
  • 23°C
  • Sat
  • 28°C
  • 23°C
  • Sun
  • 28°C
  • 23°C
  • Mon
  • 28°C
  • 23°C
  • Wed
  • 20°C
  • 18°C
  • Thu
  • 22°C
  • 18°C
  • Fri
  • 23°C
  • 18°C
  • Sat
  • 25°C
  • 21°C
  • Sun
  • 25°C
  • 21°C
  • Mon
  • 25°C
  • 21°C
  • Wed
  • 27°C
  • 18°C
  • Thu
  • 29°C
  • 18°C
  • Fri
  • 33°C
  • 18°C
  • Sat
  • 33°C
  • 19°C
  • Sun
  • 33°C
  • 19°C
  • Mon
  • 33°C
  • 19°C
  • Wed
  • 19°C
  • 15°C
  • Thu
  • 25°C
  • 14°C
  • Fri
  • 27°C
  • 15°C
  • Sat
  • 30°C
  • 16°C
  • Sun
  • 30°C
  • 16°C
  • Mon
  • 30°C
  • 16°C
  • Wed
  • 33°C
  • 18°C
  • Thu
  • 35°C
  • 18°C
  • Fri
  • 20°C
  • 16°C
  • Sat
  • 26°C
  • 16°C
  • Sun
  • 26°C
  • 16°C
  • Mon
  • 26°C
  • 16°C
  • Wed
  • 35°C
  • 18°C
  • Thu
  • 34°C
  • 18°C
  • Fri
  • 24°C
  • 16°C
  • Sat
  • 29°C
  • 15°C
  • Sun
  • 29°C
  • 15°C
  • Mon
  • 29°C
  • 15°C
  • Wed
  • 27°C
  • 15°C
  • Thu
  • 29°C
  • 17°C
  • Fri
  • 24°C
  • 18°C
  • Sat
  • 26°C
  • 17°C
  • Sun
  • 26°C
  • 17°C
  • Mon
  • 26°C
  • 17°C
  • Wed
  • 20°C
  • 18°C
  • Thu
  • 22°C
  • 18°C
  • Fri
  • 22°C
  • 18°C
  • Sat
  • 25°C
  • 20°C
  • Sun
  • 25°C
  • 20°C
  • Mon
  • 25°C
  • 20°C

Heavy-hearted Mboweni reacts after Moody’s changes SA’s outlook to negative

Moody’s is the last of the three big ratings agencies to keep the country in positive territory.

FILE: Finance Minister Tito Mboweni addressing the media prior to his annual Budget speech taking place on 20 February 2018 in Cape Town. Pictures: EWN.

JOHANNESBURG - Treasury said Moody’s latest rating to keep South Africa one notch above investment grade affords the country an opportunity to demonstrate faster and concrete implementation of reforms.

Moody’s is the last of the three big rating agencies to keep the country in positive territory.

It comes days after Finance Minister Tito Mboweni delivered his Medium-Term Budget Policy Statement, which received mixed reaction all round.

Mboweni has acknowledged Moody's rating with a heavy heart, saying he had hoped for a different outcome.

“Fellow South Africans, now is the time to roll up our sleeves and do what we have to do. It’s now or never. We need all hands on deck. Government, labour, business and civil society, we need each other now more than ever. The country is ours and it is only us who can turn it around.”

Moody’s says South Africa’s economic growth has been deteriorating and showing no signs of improvement.

Treasury has reacted with an assurance that it’s working towards lifting growth and returning public finances to a more sustainable path.

It said the government made progress on several measures, including the visa regime to support tourism, approving the integrated resource plan for desired energy and releasing the telecommunications policy directive.

Treasury said the government was fully aware that short and medium-term reforms were urgently required to improve economic performance over the next several years.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus