The National Treasury assures us that South Africa is not in a worst case scenario, despite the downgrade by two rating agencies, South Africa is still considered in the investment grade by Moody and Standard & Poor’s. This recognition is enough to create a staircase for. The critical issue at present is to evade further downgrades. With great focus on properly implementing existing policies, there are still many possibilities for the country’s economy to grow. With growth spurred by higher demand in China and a growing economy in the United States, South Africa could yet walk out of its economic downfall.
South African Finance minister Malusi Gigaba will meet International counterparts at the IMF and the World Bank meeting in Washington DC on 21 April 2017 with the aim to reassure, reaffirm and instill confidence in the South African economic stability. The South African Treasury is confident that the economy is resilient and robust enough to bounce back to investment grade, it has policies already being implemented to ensure a lift in the economy and a curb in the decline of the rand. The treasury is assuring citizens of its plans and efforts to boost the nation’s financial situation.
“Radical means it must be quick‚ there must be change and something must happen immediately and transform the economy to serve all our people.” Cyril Ramaphosa
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