Govt to improve investment prospects

The Treasury says the government should continue to work diligently on practical steps to provide necessary policy certainty.

Its statement comes after credit rating agency Moody’s decision to maintain the country’s local and foreign currency debt ratings at Baa3.

Moody’s also revised outlook for the local economy from negative to stable.

Deputy Finance Minister Mondli Gungubele says South Africa will now work on improving investment prospects.

“The new President, the confidence he has sent, the team he has put together and then the relationship between South African business community, civil society, labour in terms of ensuring that we are all hands on working together to sustain an environment that ensures that we create an investor friendly environment,” adds Gungubele.

Business Leadership South Africa (BLSA) has described Moody’s decision as a mark of greater of confidence in the country.

On Friday night Moody’s revised the outlook of the local economy from negative to stable.

The Chamber of Mines of South Africa said the mining industry remained committed to playing its part in working with government and other stakeholders to building the nation.

BLSA communications director Themba Maseko says, “It’s time for us to actually press on and deal with all the issues that have led to the downgrading to almost junk status of our country, dealing with corruption, state capture but most importantly bringing about policy certainty in the market, addressing issues where there’s been huge disputes between government and for example the mining sector around the Mining Charter.”