FINANCE Minister Pravin Gordhan says SA must avoid a rating downgrade to junk status, vowing the government would do what was necessary to prevent such a descent."Government is very alive to our environment both global and local so we will make the right decisions in the interests of the country," he said in an interview on Monday.The rating agencies’ matrices were transparent and SA needed to improve its numbers "on a collective basis and act with the appropriate sense of urgency and cohesion", he said.An action plan was being developed, he said.Consensus was needed among business, the government and labour leaders on collective action to avert a downgrade and claw back lost credibility, he said.Mr Gordhan emphasised that the government would stay on the path of fiscal consolidation.SA is on the cusp of a downgrade to "junk" status by at least one of the major credit rating agencies after Fitch and Moody’s downgraded their ratings last month and Standard & Poor’s put SA on negative...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.