Credit rating downgrade is ‘bad news’ for SA, Ebrahim Patel says
The economic development minister says domestic savings will have to increase so SA can finance more of its growth efforts from its internal resources
Economic Development Minister Ebrahim Patel has distanced himself from his Cabinet colleagues who pooh-poohed the credit ratings downgrade of SA to junk status, saying on Monday that it was "bad news". Water and Sanitation Minister Nomvula Mokonyane was among Cabinet ministers who joked about the ratings downgrade, saying it provided the ANC and the government with the opportunity to do things their own way. But in a written reply to a parliamentary question by DA spokesperson on economic development Michael Cardo, Patel said the "ratings downgrade was bad news for our efforts to grow the economy at a faster and more inclusive level". He added: "Thus we need to take steps to ensure that we regain investment-grade status from lenders and pursue a credible, bold inclusive growth strategy in the interest our people."
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