Presidential Envoy, Mcebisi Jonas says government will have to manage its finances and debts very well in the next few years if the country wants to avoid further downgrade and IMF bailouts.
Speaking at the Eastern Cape Investment Conference at the East London ICC, Jonas says the next few years will be tough and the government needs to come up with ways of growing the economy and create jobs.
“The next few years will be tough and we remain locked and probably that the contest that we are entering a period a very difficult period for the next coming years. A period where we need to continue with fiscal consolidation managing government spending and debts etc. in order to avoid further down grades and IMF bailouts with all their disastrous consequences. So we have a huge challenge as it were and it not a fiscal challenge it a growth challenge.”
Speaking at the same event, Economic Affairs MEC Oscar Mabuyane says the provincial government has concrete plans that will lure investors.
“We are making this call to the private sector to say we are basically trying to work very hard to create a conductive environment, to come on board and invest. We know that there is more than a trillion kept nationally there in JSE which we believe it must be invest in our economy even before we look for international investors; let’s use the one that we have there.”