outlook for the country’s debt and did not cut it to junk as some had feared.
The U.S. dollar was quoted down 1.2% on Reuters dealing at R14.8650, paring some of the sharp gains it made last week. Moody’s on Friday revised its outlook on South Africa’s ‘Baa3’ rating to negative, citing a deterioration in the economic growth outlook and rising debt. Analysts had expected the move after a bleak mid-term budget statement last week that slashed this year’s growth forecast to 0.5% and showed government debt racing to more than 70% of gross domestic product by 2023.
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SA escapes Moody’s junk guillotine — for nowMoody’s said its rating rests on the government’s ability to quickly develop a credible strategy to halt and ultimately reverse the rise in debt. Moody is wasting time. SA is junk. The quicker you cut us deep into junk the more there is left to save! The longer you wait the longer the incompetence of the ANC sucks us dry!!! Matter of time for a downgrade. We need a tax reform; political and administrative reform. We need a more open economy, in a true free market. And obviously we need to reduce social inequality. For me the best social program is job creation by the PRIVATE INITIATIVE. Let’s hope the SA economic defense line is as strong as the Springbok’s! 💪🏼💪🏾🇿🇦
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