Africa-Press – South-Africa. The National Treasury has noted the reviews by the rating agencies, saying the government was working on some of the key issues.
The agencies had noted the issue of debt stabilisation and the wage bill.
Standard & Poor’s and Fitch have kept South Africa’s credit rating unchanged at below investment levels.
National Treasury said it was committed to growing the economy and implementing structural reforms in the economy.
“Government acknowledges the pressures the country’s credit ratings face and remains committed to addressing them. Additionally, government is aware that it needs to fast-track growth-enhancing strategies.
’’Operation Vulindlela is a key initiative in this regard and demonstrates government’s commitment to fast-tracking the implementation of critical reforms that raise economic growth and improve fiscal sustainability,” said the National Treasury in a statement.
“Rating agencies have indicated that South Africa’s rating strengths include a credible central bank, a flexible exchange rate, an actively traded currency, deep capital markets as well as a favourable debt structure (low share of foreign currency debt) with long maturities, which should help counterbalance low economic growth and fiscal pressures.”
Political Bureau
