Before Friday’s announcement by Moody’s to downgrade South Africa, it was the last of the three big ratings agencies — Moody’s, Fitch and S&P Global — to have kept the country’s rating as stable.
To curb the spread of the virus, which has so far claimed one death, the government has implemented a three week lockdown effectively bringing the country’s economy on a standstill. To offset the impact that the lockdown will have on businesses, households and individuals announced a string of measures to cushion the economy, including a Solidarity Fund which has a capital seed of R150-million from the government.
The downgrade will see South Africa excluded from the FTSE World Government Bond Index. Economists have said that the impact of this downgrade was already priced into investments and the market, because it was expected. But junk status will force some institutions that have not already sold off the country’s debt to do so.
In its Friday statement, Treasury added that: “The interest rate for the government, households and the broader economy is also expected to increase as a result.”
We had ages to prepare for this.
It was always there we just got confirmation duh
Who's this Moody who dictate things in this country
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R40m worth of test kits and hospital equipment on its way to South AfricaThe German government will send test kits and other hospital equipment worth R40-million to South Africa to help fight Covid-19 in the country, its ambassador said on Monday morning. Germany had to step in for us - embarrassing 'test kits' _ to confirm the number of infections. They must not come from china🇨🇳 please 🙏
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Coronavirus lockdown: Germany to evacuate citizens from South Africa next weekThe German government will next week evacuate more than a hundred of its citizens from South Africa amidst the coronavirus pandemic wreaking havoc across the world. Let the whole Europe come and take all pink people 🤗
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South Africa may approach the IMF for 'health funding' - MboweniSouth Africa may approach the International Monetary Fund and World Bank for funding to fight the coronavirus that threatens to drag the country's economy deeper into recession, Finance Minister Tito Mboweni said in the Sunday Times newspaper. Few weeks ago he said our economy is strong enough to overcome. We are in deeper trouble than we are told as a country Stop him!!! We do this, we are gone ... forget fiscal sovereignty. IMF has been hovering for years like a heyna does when spotting a dying animal or human
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South Africa may approach the IMF for 'health funding' - MboweniSouth Africa may approach the International Monetary Fund and World Bank for funding to fight the coronavirus that threatens to drag the country's economy deeper into recession, Finance Minister Tito Mboweni said in the Sunday Times newspaper. Hete we go. Health funding to be used for the personal financial health of ANC/SACP cadres. Game over Ku - bird
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R40m worth of test kits and hospital equipment on its way to South AfricaThe German government will send test kits and other hospital equipment worth R40-million to South Africa to help fight Covid-19 in the country, its ambassador said on Monday morning. gavdavis Nice! Thank you. Yah dont send money ....money in South Africa disappears gavdavis Glad they decided not to send cash. Thank you Germany🇩🇪 GermanEmbassySA
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