SA sticks to its guns after Fitch cut

Comment on this story
Nhanhla_Nene Independent Newspapers Finance Minister, Nhlanhla Nene. Photo: Sam Clark.

Johannesburg - South Africa's treasury said on Friday it was committed to the fiscal path stated in the budget, after Fitch ratings agency changed the country's outlook to negative from stable.

“We are committed to the fiscal path and expenditure ceiling. While short-term cyclical factors might cause marginal deviations from targets, we will not deviate from the long term trajectory,” the Treasury said in a statement.

Fitch affirmed South Africa credit rating at BBB but raised concerns about the poor growth outlook and persistent budget shortfalls that force the government to borrow more and push out plans for more sustainable spending. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines