SA has failed to move on the “radical change” needed to boost the economy, a key requirement for stabilising the country’s debt trajectory and giving it the prospect of climbing up the ratings ladder, according to S&P Global Ratings.

“Despite a lot of talk, there haven’t been reforms,” Ravi Bhatia, a director and lead analyst for the international public finance ratings team at the company, said during a presentation on Thursday. He was sceptical the government would stick to its plans for real cuts in public sector wages, predicting that it might be similar to what was agreed in the last round three years ago...

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