Economist slams Treasury response to downgrade

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Chief economist at the Efficient Group Dawie Roodt.
Chief economist at the Efficient Group Dawie Roodt.

Cape Town – National Treasury’s response on Monday to the rating downgrade to junk status by Standard & Poors has been highly criticised by an economist.

National Treasury is now led by Finance Minister Malusi Gigaba and deputy Sfiso Buthelezi, who have been hard at work since Friday trying to persuade ratings agencies that they will retain the current fiscal and spending policy framework.

Their response to the rating downgrade on Monday was to reassure the market and other rating agencies, saying in a statement that they are “committed to a predictable and consistent policy framework, which responds to changing circumstances in a measured and transparent fashion”.

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