Moody’s will hear that government policy is not changing, Gigaba says
Finance Minister Malusi Gigaba has appeared to send mixed signals by speaking of policy continuity but also radical economic transformation
Finance Minister Malusi Gigaba says he will seek to avoid a ratings downgrade by Moody’s by assuring it that government policy will not change. Addressing the media at the Treasury on Wednesday ahead of his trip to US for an investment road show, Gigaba said: "SA continues to be an important global player and our opinion is sought on an array of matters." Gigaba also said he would use the trip to attract investment. "We are going to give assurance about the policy direction of the government to Moody’s and only Moody’s. They are the ones who have not yet downgraded us. They have, however, put us on a 90-day review." Gigaba replaced Pravin Gordhan in a controversial Cabinet reshuffle announced by President Jacob Zuma at the end of March. The reshuffle triggered a sovereign downgrade by ratings agencies S&P Global Ratings and Fitch. Since his appointment, Gigaba has appeared to send mixed signals by speaking of policy continuity but also radical economic transformation. It also did no...
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