National Treasury says government remains committed to implementing reforms to help revive the country’s economic growth.
This statement comes after credit rating agency, Standard and Poor’s, downgraded its outlook for South Africa’s credit rating to negative.
S&P says low GDP growth and the growing debt burden are hurting the country’s fiscal metrics.
South Africa is already ranked at sub-investment grade by both S&P and Fitch Ratings while Moody’s has left it teetering on the edge of junk status.
National Treasury says government, labour, business and civil society need to work together to help turn around the country’s economic position.
Response to the rating action of S&P Global Ratings. @GovernmentZA #Ratings pic.twitter.com/bo2ld55ual
— National Treasury (@TreasuryRSA) November 23, 2019