Finance minister Tito Mboweni, business and economists all agree that the ratings downgrades suffered by SA at the weekend lend more urgency to the need for economic reforms and fiscal consolidation.

At the same time Moody’s Investors Service and Fitch expressed doubts over the achievability of these goals, which will be made all the more difficult by the downgrades themselves as these are likely to increase the cost of borrowing and place more stress on government finances...

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