Dr Azar Jammine Is Director And Chief Economist Of Econometrix
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Ratings agency S&P Global has issued a stark warning to SA, suggesting there is a risk of further downgrades for the country in two weeks’ time.MD for S&P Global Sub-Saharan Africa Konrad Reuss, speaking at the Consumer Goods Council Summit in Johannesburg on Wednesday, said the ratings agency may further downgrade the country later in November.
“The next big announcement will be on November 22. There will certainly be a very controversial committee discussion because at this point we have a new medium-term budget policy statement (MTBPS) with a lot of bad news but with very little action or action plan.” His comments come just after Moody’s Investors Service revised the country’s outlook to negative on November 1, citing a lack of action by the government to address increasing state-owned enterprises’ (SOEs) debt, high unemployment, and a deteriorating fiscal position.
“The next big announcement will be on November 22. There will certainly be a very controversial committee discussion because at this point we have a new medium-term budget policy statement (MTBPS) with a lot of bad news but with very little action or action plan.” His comments come just after Moody’s Investors Service revised the country’s outlook to negative on November 1, citing a lack of action by the government to address increasing state-owned enterprises’ (SOEs) debt, high unemployment, and a deteriorating fiscal position.
