SA pulling out all stops to avoid junk status - Gordhan

2016-07-12 16:43

Johannesburg – South Africans do not seem to appreciate how sophisticated the country’s financial markets are, Finance Minister Pravin Gordhan said on Tuesday.

This ensured the country was able to withstand market upheaval, he told a SA Chamber of Commerce and Industry gathering in Johannesburg.

"I don’t think there is a sufficient appreciation of the level of sophistication that we have within South Africa, that is now penetrating across the African continent."

He said the government had been making great efforts since the beginning of the year to ensure the country maintained its sovereign rating above junk status in the next review in December.

The focus would be on implementing government’s goals, without going over budget, and building solid relationships with business and civil society.

"There is no shortage of money in the system. There is a shortage of implementation and capacity to actually get things done, whether it’s on business’s side or on our side."

South Africa dodged a bullet in June when ratings agencies Moody’s, Fitch, and Standard & Poor's kept South Africa above non-investment grade – also known as junk status.

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