Treasury reacts to S&P Global that pace of economic growth is slow

The Treasury says while it notes that economic growth is slow posing a risk to fiscal consolidation, there is a commitment to economic development and good governance.

This was in reaction to a decision by Standard & Poor’s Globalnot to downgrade the country further.
The agency has kept its rating at BB+, with a negative outlook.

The currency rating is BBB- with a negative outlook. Fitch also kept its rating unchangedon Friday.
The Treasury says it agrees with S&P Global that the pace of economic growth is slow.

But it says it recognises that there is a need for social progress and raising the standard of living for all South Africans which will promote growth.

It says there are moves to ensure this also emphasising that there are sound financial controls in the management of public finances.
S&P Global says its rating reflects the view that political risks will remain elevated this year.

But on a positive side, it has agreed that South Africa’s monetary flexibility and its track record in achieving price stability need to be recognised.

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