The decision by Fitch Ratings agency to affirm South Africa's rating although it revised the outlook to "negative" would buy the country more time to convince investors that it was serious about succeeding, National Treasury director-general Lungisa Fuzile said on Friday Investors in for the long haul had already bought into the future story that South Africa had good prospects for growth and returns, Fuzile said. "We have what it takes to succeed and we know what it takes to succeed and we are working hard to succeed. What this development does is to buy us a bit more time." A rating downgrade would lead to capital flight, rand depreciation, high inflation and more expensive public sector debt. But Fuzile said South Africa was on a firm footing. "Quite honestly, I think what we have currently is more than a foundation. We just need to be resolute, very determined, decisive and disciplined and pursue our dream to grow this economy, create more business opportunities, create more wor...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.