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No silver bullet to stop another downgrade, says Gigaba

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Malusi Gigaba. (AFP)
Malusi Gigaba. (AFP)

Cape Town – There are no silver bullets or guarantees that will stop Moody’s from downgrading South Africa in the coming weeks, but government is engaging directly with the ratings agency, assuring them of the country's commitment to fiscal discipline and consolidation, said Finance Minister Malusi Gigaba. 

Speaking to the media on the sidelines of a question and answer session with local investors at Parliament, Gigaba said he and officials from National Treasury will represent South Africa at the spring meetings of the World Bank and International Monetary Fund (IMF) in Washington next week. 

Gigaba and his entourage will also use the opportunity while in the US to meet with international investors and ratings agencies Standard & Poor’s (S&P) Global Ratings and Fitch, which cut South Africa’s sovereign credit rating to junk status last week. 

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