SA committed to economic reform, says Treasury after S&P lowers outlook to 'negative'

The Treasury said in a statement on Saturday the government fully recognised S&P’s assessment of the challenges and opportunities that the country faced in the immediate to long term and that it remained committed to placing public finances on a sustainable path while aiming for inclusive economic growth.

“The agency acknowledges the work the government has started doing to restore the credibility of the country’s weakened institutions . Furthermore, the agency acknowledges the credibility of the SA Reserve Bank and the flexible exchange rate regime to be key strengths supporting the country’s ratings.

“Meaningful progress has been achieved on the measures announced by President Cyril Ramaphosa in September 2018. Government remains committed to implementing much needed economic reforms in order to revive the country’s economic growth. Furthermore, government reiterates that the growth in the public-sector wage bill needs to be addressed in order to reduce the debt burden,” the Treasury said in its response.

It added: “Government, labour, business and civil society need to work hand-in-hand as difficult decisions that imply short-term costs for the economy and fiscus need to be made in order to turn the tide around.”

Government has failed in making any reforms...send in the IMF please

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