ANC welcomes Moody's confirmation SA`s sovereign rating

Tobias T

The African National Congress welcomes the confirmation by Moody's Investor Service of South Africa's sovereign ratings at Baa2 assigned with a negative outlook. According to Moody's, although the negative outlook on the credit rating was left unchanged, the country is likely approaching a turning point after several years of falling growth; that the 2016/17 budget and medium term fiscal plan will likely stabilize and eventually reduce the general government debt metrics. These ratings are a testament to our strong and maturing political system and the resilient and robust institutions that support it and our democracy.

The ANC is confident that government will continue with its program of aggressive fiscal consolidation while maintaining the delicate and very necessary balance between prioritizing radical socio-economic transformation, meeting basic needs and fiscal sustainability. We are mindful of the remaining challenges and existing concerns but we believe the outcome of the review will go a long way to restoring investor confidence and attracting continued investment in our economy.