ON THE MONEY: We must turn promises into delivery after reprieve
THERE is nothing that pulls politicians and business people together like the prospect of a credit rating downgrade. That is because businesses are hostage to the creditworthiness of the government. The sovereign rating is a "ceiling" under which every South African borrower must function. So, ensuring that ceiling doesn’t come crashing down on our heads is in everyone’s interest.And the government, some of it anyway, did pull together with business, as well as labour, to do everything possible to avert the downgrade. It was an unprecedented combined effort, a first for our democracy, with groups used to facing off on opposite sides of the table joined together to face the international investment community. Key business leaders, union leaders, and politicians went on international road shows, and sat in meetings and conference calls with investors and ratings agencies to tell them what they needed to hear: that despite the politics, we as a country are committed not only to paying ...
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