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Last week ratings agency S&P Global Ratings maintained a stable outlook for SA and affirmed its long-term foreign and local currency debt ratings of BB and BB+, respectively. The Treasury issued a statement saying SA is being afforded a chance to demonstrate the implementation of measures aimed at turning around the growth trajectory. The Treasury has identified three areas that could improve SA’s economic position: the reprioritisation of expenditure, the creation of an infrastructure fund and partnerships for growth. The Treasury statement also emphasised SA’s attempt to restore good governance and financial stability at state-owned companies. But this is not enough. It shows how the changing of finance ministers almost annually in the past three years has had a negative effect on the Treasury’s capability, confidence and co-ordination with the presidency. Where is the economic plan? SA is almost back to its April 1994 position. Then the debt-to-GDP ratio was somewhat higher at ab...

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