The South African government says that it has noted Finch’s decision to downgrade SA’s long-term foreign and local currency debt ratings further into non-investment by one notch from BB+ to BB.
National Treasury has published details of tax measures aimed at cushioning small and medium enterprises (SMEs) and vulnerable firms from the impact of the coronavirus outbreak. They include a tax subsidy to employers of up to R500 per month for the next four months for private sector employees earning below R6 500.
Finance Minister Tito Mboweni says funds will be set aside to curb the impact of the coronavirus outbreak in South Africa.
Finance Minister Tito Mboweni has slashed the school infrastructure budget and this will affect hundreds of schools in urgent need of toilets and proper classrooms in the country.
Co-director of the Institute for Economic Justice Neil Coleman has described government’s plan to cut the public sector wage bill as an attempt to pacify the rating agencies.