ANC 'don't fully understand implications' of credit rating downgrades
The ANC says it is studying the implications of the country's credit rating downgrades to junk status. "We don't have the full understanding of what the implications are at this stage. "What we will be making here are preliminary comments on what should be done‚" said the chairperson of the party's subcomittee on economic transformation‚ Enoch Godongwana‚ while briefing the media on the ANC's document on economic transformation in Luthuli House on Sunday. Godongwana said the country needs to "pull together" to overcome its economic problems. "A deterioration in South Africa's credit rating will have a major negative impact on our country's ability to raise debt funding to fund its development programmes‚" Godongwana said.