Fitch concerned about investor confidence in SA economy

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United States, New York : Fitch Ratings, one of the leading credit rating agencies situated in New York, USA.

JOHANNESBURG -- Credit rating agency Fitch says the reappoinment of Pravin Gordhan as finance minister may not be enough to restore investor confidence in the country&39;s economy.

It says it might take a lot more to ease uncertainty over the direction of South Africa’s economic policy.

The rating agency believes the damage caused by the turbulence in the economy over the past week, might be too large.

Fitch welcomed Gordhan’s speech, which was aimed at restoring investor confidence, but warned that his words would do little to restore investor&39;s confidence in government&39;s determination to handle finances prudently.

Gordhan takes over from David van Rooyen, who spent less than a week in the job after replacing Nhanhla Nene.

Van Rooyen&39;s appointment was greeted with outrage.

Last week, Fitch downgraded SA&39;s credit rating to a notch above junk status.

 

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