File: South Africa's new Finance Minister Malusi Gigaba said on Monday he would pursue "tough and unpopular choices" to oversee economic growth.
JOHANNESBURG – South Africa's new Finance Minister Malusi Gigaba said on Wednesday Treasury is committed to fiscal consolidation plans outlined in the 2017 Budget after S&P and Fitch downgraded the country to sub-investment grade.
Speaking to local investors at the Development Bank of South Africa, Gigaba said the Treasury aims to stabilise the government's net debt over the next three years at 50 percent of gross domestic production (GDP).
#Gigaba says we need faster growth to fight poverty, unemployment and inequality.— KhayelihleKhumalo (@KhayaJames) April 12, 2017
#Gigaba : Any procurement of nuclear energy will follow due process at the scale, the country can afford, our people must thrive.— KhayelihleKhumalo (@KhayaJames) April 12, 2017
Last week Fitch downgraded South Africa's foreign and local currency debt to speculative grade, while S&P Global Ratings cut the hard currency borrowing to "junk".
Both cited likely changes in economic policy after a cabinet reshuffle.