Ignore ratings agencies at your peril, says Mabuza

Deputy President David Mabuza says South Africa has no choice but to respond to concerns of the sovereign credit rating agencies and address the problems they identified, because potential investors take the reports of the agencies very seriously. Mabuza also apologised to South Africans and business in general for the current load shedding by Eskom and the inconvenience it had caused to them, including those who were writing their final matric examinations.

Mabuza also apologised to South Africans and business in general for the current load shedding by Eskom and the inconvenience it had caused to them, including those who were writing their final matric examinations.“Unfortunately, those who want to invest in this country will take those opinions seriously. You can ignore the advice of and opinion of the rating agencies at your peril, but it is important to respond,” Mabuza said.

He said it was a fact the SOEs were not in a stable condition and the government had to respond to the situation.Regarding the continuously increasing government foreign debt and the agencies’ concerns around it, government had to respond by cutting costs. Responding mainly to a question raised by Economic Freedom Fighters MP Ringo Madlingozi about ensuring the country’s economy was put on the right path, Mabuza said there were certain fundamentals that it must do.

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