Finance Minister Malusi Gigaba is due to meet business and the economic cluster on Tuesday after his briefing with the ANC leadership on Monday. Gigaba postponed a media briefing that would have discussed the way forward for SA’s economy after the downgrades, to attend an ANC leadership meeting with the economic transformation committee at Luthuli House. The briefing, endorsed by the Cabinet, was meant to be about the interventions that the government would launch to deal with challenges facing the economy within the current budget framework. Moody’s on Friday downgraded SA’s long-term foreign and local currency debt ratings to Baa3, one notch above junk status, with a negative outlook. S&P Global Ratings and Fitch had already announced their downgrades. Statistics SA announced last week that GDP had contracted 0.7% in the first quarter of 2017 after contracting 0.3% in the last quarter of 2016, placing SA in a recession. With the economy in a fix, the Treasury issued last week a st...
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