'It’s better Western investors will pull back' — Zuma's allies mock junk status
Members of President Jacob Zuma’s inner circle mocked South Africa’s descent into junk status this week‚ treating the potential body blow to South Africa’s economic wellbeing as a big joke‚ the Sunday Times reported. One of them‚ Zuma’s son Edward‚ said the ratings agencies “did us a favour‚ really”. Displaying a breathtaking ignorance of economics‚ Zuma’s allies cheered the downgrade‚ which analysts warn could restrict the country to a low-growth path for decades‚ the report said. One close Zuma ally‚ Water and Sanitation Minister Nomvula Mokonyane‚ told a WhatsApp chat group: “It’s actually better Western investors will pull back and we have an opportunity to bring them back in our own terms‚ after we have consolidated our relations with Africa and Brics. We must rearrange our foreign debt repayments.” TMG Digital/Sunday Times
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